Alibaba achieved a new record high of RMB 213.5 billion ($30.8 billion) gross merchandise volume, 27% up over last year while JD.com recorded RMB 159.8 billion ($23 billion) sales over 11 days from Nov. 1 to 11, 26% up from the same period last year.
Overall e-commerce sales grew 23.7% year-over-year this Singles’ Day, compared to last years’ 43.5% growth, according to data from Syntun, a China-based data services company.
Year-over-year retail growth in May and October 2018, grew at 8.5% and 8.6%, respectively, the slowest since June 2003, according to China’s National Bureau of Statistics.
China’s economic outlook remained uncertain throughout this year owing to the complication of the national deleveraging to ease debts and threats from the China-US trade tension.
On the other hand, the drop was a reasonable adjustment to the enduring strong retail growth over the years as the Chinese middle-class cooled down on their shopping frenzy.
Amid higher borrowing costs, their attention diverted to more immediate obligations of mortgage and loans.