Top Chinese Livestreamer Losing Steam Shows Consumers’ Fragility
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Look no further than China's biggest livestreamer for a snapshot of the country's flagging consumption outlook. Li Jiaqi, known as ‘Lipstick King' for his prowess in selling cosmetics, recorded sales of 9.5 billion yuan ($1.3 billion) on Oct. 24, the first day of the annual Singles' Day shopping festival that ended on Saturday, according to a Southern Metropolis Daily report, which didn't say where it got the information. That's down from last year's first-day tally of 21.5 billion yuan, it said. Separately, Caixin said Li's sales of beauty products fell 38% during the first day of the festival. His share of total sales during the consumer bonanza shrank to about a quarter this year from one-third last year, according to a Securities Daily report. The weaker performance from one...