By Casey Corridor

SHANGHAI (Reuters) – Alibaba (NYSE:) Group opted to not disclose the ultimate gross sales tally of its annual Singles Day purchasing pageant for the primary time because it began the occasion in 2009, saying solely that outcomes have been according to final yr.

Final yr’s 8.5% rise in gross merchandise worth (GMV) for Alibaba’s platforms had been its lowest but, following a 26% soar in 2020. Earlier than 2020, the pageant was a one-day occasion.

The e-commerce platform mentioned in a press launch early on Saturday that the occasion had “delivered outcomes according to final yr’s GMV efficiency regardless of macro challenges and COVID-related influence.”

Development has been slowing in current editions of Singles Day – the world’s largest on-line purchasing pageant that has, regardless of its identify, advanced right into a prolonged occasion and change into a barometer of Chinese language retail demand.

Different indicators confirmed that Chinese language customers clutched their wallets tight this yr and continued looking for comparatively economical dwelling manufacturers over pricier costly labels, as shopper sentiment has been hit by stringent COVID-19 curbs and a sharply slowing economic system.

Singles Day development this yr had been broadly predicted at flat to low single digits.

Alibaba didn’t reply to requests for touch upon its choice to keep away from releasing figures on the 11-day gross sales occasion ended that ended on Friday.

Yang Zengdong, 40, a trainer in Shanghai, mentioned she had second ideas about collaborating in Singles Day in any respect this yr, however when the ultimate gross sales interval began on Thursday night, she ended up buying about the identical quantity as final yr.

“I feel it is one thing deep within the thoughts of Chinese language those that should you do not buy on Singles Day, you’re lacking out on a chance,” she mentioned.

Consultancy Syntun on Saturday estimated Alibaba and different Chinese language e-commerce companies holding Singles Day purchasing occasions collectively logged 934 billion yuan in gross sales, up 2.9%.

Citi analysts mentioned this week they have been conservatively forecasting Alibaba’s GMV for the occasion to vary from 545 billion yuan to 560 billion yuan ($75 billion to $77 billion), with development of 0.9% to three.6%.

The e-commerce large has for over a yr toned down hype across the occasion as Chinese language President Xi Jinping more and more emphasises “widespread prosperity” – a push that seeks to get rid of rising wealth inequities and clamp down on what the Communist Occasion sees as extreme behaviour.

Alibaba didn’t maintain its ordinary celebrity-studded gala this yr or any in-person media occasions, citing the pandemic.

The corporate’s Tmall market provided Singles Day offers on greater than 17 million merchandise, 3 million greater than final yr, with a record-matching 290,000 manufacturers collaborating.

Alibaba didn’t say which manufacturers offered properly however mentioned gross sales of high-tech magnificence units, similar to devices to chill and raise facial pores and skin, had surged some 5,570% from final yr, whereas carpet cleaners and sensible kitchen home equipment had been promoting extraordinarily properly.

Rival JD (NASDAQ:).com additionally didn’t publish GMV or gross sales development however mentioned Apple Inc (NASDAQ:) offered over 1 billion yuan ($140 million) value of merchandise within the first minute of the occasion’s closing gross sales interval on Thursday night, which is marked by deeper reductions.

Throughout these 10 minutes, turnover for 87 worldwide magnificence manufacturers, together with Estee Lauder (NYSE:), L’Oreal and L’Occitane, tripled from final yr, JD.com mentioned.

($1 = 7.1066 renminbi)