China’s Alibaba, JD.Com boost singles’ day sales with discounts

China’s Alibaba Group Holding and JD.com reported sales increases for Singles’ Day, after the e-commerce giants offered steep discounts to attract consumers to the country’s shopping extravaganza.

Alibaba said its gross merchandise value and order amount rose from as year earlier, while JD.com reported its orders hit new records. Neither company provided overall revenue figures for the event for the second consecutive year in a row.

The annual shopping blitz has been historically used as a barometer for Chinese consumption sentiment, which has been weaker-than-expected following the post-pandemic reopening.