Alibaba’s Jack Ma says Singles’ Day shopping results are worse than expected

SHANGHAI (Reuters) – Alibaba Group Holding Inc co-founder Jack Ma said on Wednesday that the results of the annual Singles’ Day online shopping festival fell short of the Chinese e-commerce giant’s expectations.

Inaugurated in 2009, Singles’ Day has become China’s version of the American online sales event Cyber ​​Monday, which follows the American Thanksgiving holiday. Analysts are monitoring Singles’ Day sales to gauge consumer sentiment in China.

The Chinese shopping festival takes place on November 11 and, due to the date, is also called Double Eleven.

“This year’s Double Eleven did not meet my expectations,” he said during the 5th World Entrepreneur Convention in Zhejiang.

In a video distributed by Chinese media, Ma stated that one of the reasons for this was the warm weather. “As soon as it gets colder, clothing will start selling a little better,” he said.

He also said that this year the event fell on a Monday, discouraging people from shopping in the evening before going to work.

“So we hope that in the future of Double Eleven, the country will give everyone a half-day off,” he said.

Alibaba did not immediately respond to requests for comment.

Alibaba generates revenue primarily from advertising rather than purchases on its site.

(Reporting by Josh Horwitz; Editing by Edmund Blair)