THE WHAT? Chinese shopping festival, Singles Day has raked in record sales once again but the global power and supply chain crises have dampened promotional activity, according to a report published by The Wall Street Journal.
THE DETAILS From difficulty securing inventory to inflation, some merchants have had to scale back discounts to maintain margin.
Alibaba reported sales of CNY540.3 billion during the festival, up 8.5 percent on last year’s figures, which is the smallest jump since the festival began in 2009, The Wall Street Journal reports.
THE WHY? With factory gate prices soaring, shipping and logistics issues and rising energy and raw material costs, manufacturers are struggling to maintain markdowns.