SHANGHAI: As Alibaba Group wraps up the world's biggest online shopping festival on Friday , the operative word seems to be flat - potentially flat sales and flat in tone with the Chinese e-commerce giant not even holding its usual gala show.
While Alibaba has said its Tmall marketplace would offer more than 17 million products, 3 million more than last year and that a record-matching 290,000 brands are participating, the festival is set to have its weakest sales growth ever. Citi analysts said this week they were conservatively forecasting gross merchandise value for the event to range between 545 billion yuan and 560 billion yuan , growth of 0.9 per cent to 3.6 per cent.
JD's GMV growth is likely to slow to between 4.6 per cent and 8.9 per cent compared to 28.6 per cent last year, it said.This year is the first time that Alibaba won't host either a celebrity gala show, which in the past has featured appearances from Mariah Carey and Taylor Swift, or an event on Nov 11 that culminates in a countdown to the final GMV tally.
Source: Entertainment Trends (entertainmenttrends.net)
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