Alibaba Misses Revenue Estimates as Chinese Shoppers Cut Back

Nov 15 – Alibaba’s sales for the latest quarter fell short of expectations, as Chinese consumers spent less due to ongoing economic struggles.

Shoppers in China are buying less, especially on non-essential items, as the economy faces challenges like a property crisis and high youth unemployment. This has hurt retail sales, even though companies like Alibaba and JD.com are offering discounts and promotions to attract customers.

Alibaba is also facing tough competition from cheaper shopping platforms like Pinduoduo and Douyin, which have drawn in cost-conscious shoppers with low prices. JD.com also missed its sales targets this week. (By Reuters)