L'Oreal, Nestle score big at Chinese e-commerce giant Alibaba's SinglesDay shopping fest by brendagoh_ horwitzjosh
Food supplements were the most popular import product, while sales of makeup, diapers and face wash were also strong.
Analysts, however, said the growth rate had slightly beaten their expectations, saying that more aggressive promotions, a focus on attracting more customers from rural cities, and even the overall slowing economy might have helped as people sought to buy goods at discounted prices. “What’s happened is that you’ve had a lot of consumers this year being a little bit more careful about their purchasing because the economy’s slowing down,” said Ben Cavender, managing director of consultancy China Market Research Group.
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