China’s largest online shopping festival, China’s largest shopping festival, which celebrated its 13th anniversary for two eleven days, the transaction amount of Alibaba, China’s largest online shopping mall, reached an all-time high of 100 trillion won, but its growth rapidly declined.
According to Chinese media such as Xin Jingbao, Alibaba said that during the two-day event this year, the transaction amount reached 540.3 billion yuan, or about 99.9 trillion won.
This is the highest level since Alibaba first launched the Double Eleven Shopping Festival on November 11, 2009, but the growth rate was 8.4% compared to last year, a sharp decrease from 85.6% in the previous year.
In the industry, analysis is coming that the rapid slowdown in the growth of the two-day trading volume is closely related to the change in the regulatory environment surrounding large Chinese IT companies such as Alibaba.
Alibaba has been the focus of regulation after founder Ma Win’s public criticism of the company.
In particular, some observers say that this year’s Double 11 coincided with the closing date of the 6th Plenary Session of the 19th Central Committee of the Chinese Communist Party, which made President Xi Jinping possible for a long period of office, and that Alibaba and others may not disclose the transaction amount, being conscious of the Communist Party.
In fact, for 45 minutes from 00:00 on the 11th, Alibaba only made a brief announcement that the sales volume of 382 brands including Apple, L’Oreal, Huawei, and Hongxingerke exceeded 100 million yuan, or about 18.5 billion won in Korean money, until after the event was finalized. We have released relatively simple data focusing on the total transaction amount.