Alibaba has warned of a consumer spend slowdown after shares in the ecommerce giant fell over 10 per cent after it slashed its sales forecasts sharply.
The etailer cited sluggish growth in Chinese consumer spending, according to the Financial Times.
In the company’s quarterly sales results on Thursday, Alibaba said it now predicts 20-23 per cent sales growth next year after experiencing “softer market conditions”, with the brand initially estimating 30 per cent growth earlier on in the year.
Recent Chinese economic data has started to paint a grim picture of the country’s growth prospects, with economic growth rising by only 4.9 per cent in July to September year-on-year, marking the slowest pace in a year – worse than analysts expectations.
