China, 12th November: The Alibaba Group, the largest e-commerce group in China, announced that the company generated US$84.5 billion (RMB 540 billion) of gross merchandise volume (GMV) during its 13th annual 11.11 Global Shopping Festival. That figure represents an increase of 8.5% compared with the 2020 campaign.

This year, the festival ran from 1st to 11th November and the total GMV was calculated within the 11 days. The growth rate of 8.5% is considerably lower than the 26% recorded in 2020.