Alibaba reports strong early sales for Singles' Day, signaling potential consumer rebound in China

Alibaba Group reported strong sales during the early phase of its Singles' Day shopping festival, which began on October 14. This suggests a possible rebound in consumer confidence in China ahead of the main event on November 11. Sales growth was notable across various categories, including designer toys and pet products. Over 284 brands exceeded $14 million in sales, with some pet brands doubling their sales in just four hours compared to last year. The increase in online spending aligns with recent government efforts to boost China's economy. Major e-commerce platforms reported significant sales growth, indicating improved consumer sentiment as Singles' Day approaches.