Sales results could be unprecedented.
Following forecasts that this number could decline at a rate never before seen in the 14-year history of the event, Alibaba Group Holding Ltd. made the historic decision to withhold the full sales results of its celebrated single-day shopping festival for the first time.
Sales reached 540 billion yuan last year.
Singles Day was started in 2009 by Daniel Zhang, the CEO of Alibaba, and has grown from a college pun to a multi-billion dollar extravaganza.
The corporation did not celebrate at all this year, in part because of Communist Party restrictions on the private sector and in part because of COVID lockdowns, as the joyful mood has long since vanished.
Overall, the importance of the retail festival has diminished in recent years as investors and staff members of Alibaba have turned their attention to the political and economic climate.