Singles’ Day is the biggest shopping day of the year

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Singles’ Day is taking ah it this year.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.

00:04The Dow, the S&P 500, and the Nasdaq closed at record highs on Monday.

00:09Bitcoin also traded in never-seen-before territory, topping $87,000.

00:15Anything related to crypto went along for the ride. A 20% jump in shares of crypto trading platform Coinbase

00:21sent that stock to its highest price ever.

00:24Coming on Tuesday, quarterly results from Home Depot, Hertz, Live Nation, and Spotify.

00:30Turning to other business headlines, retailers are always looking for a new promotion to drive sales,

00:35but a recent promotion is already running out of favor with consumers. This year,

00:4111-11, otherwise known as Singles Day, is not turning out to be the big selling day it used to be in China.

00:48Created back in 2009 by Chinese online retailing powerhouse Alibaba,

00:52shoppers this year just aren't in a shopping mood amid a lackluster Chinese economy.

00:58A sluggish real estate market and a battle against deflation have left consumers, well,

01:04deflated. Just like Black Friday in the States, Singles Day sales are now kicking off in October,

01:10stretching promotions to weeks instead of just a single day.

01:15Online sales for the period used to jump double digits, but that changed in 2023.

01:20E-commerce sales jumped just 2% to $156 billion that year, according to one estimate.

01:26Experts worry that number may be hard to hit in 2024 as retailers pull back on marketing costs. In addition,

01:35consumers are deciding that in order to feel better in a gloomy economy, it's better to spend on experiences rather than things.

01:43That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.

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