Singles’ Day: Big Chinese e-commerce platforms report strong sales during world’s largest shopping festival as pandemic moves more people online
- Singles’ Day started early this year with sales on twice as many products
- The Covid-19 pandemic has brought more shoppers online as China’s shopping habits changed this year
Chinese consumers collectively spent 498 billion yuan (US$74 billion) during Singles’ Day on Alibaba’s online retail platforms, according to the latest figures from the e-commerce giant, wrapping up a record-breaking campaign for the world’s biggest shopping festival.
That tally – which measures Gross Merchandise Volume (GMV) – topped last year’s sales of 268.4 billion yuan during the 24-hour campaign beginning November 11. Alibaba Group Holding is the parent company of the South China Morning Post.
As the world’s largest shopping festival, Singles’ Day is known for its steep discounts on everything from daily necessities to luxury items and even flats.
About 470 brands – including smartphone giants Apple, Huawei Technologies, Xiaomi Corp; sportswear vendors Nike and Adidas; and skincare specialists L’Oréal, Estée Lauder and Lancôme – each surpassed 100 million yuan in GMV on Alibaba’s platforms.
Meanwhile, Chinese retailer Suning.com reported that omnichannel GMV on its own e-commerce platform, Tmall shop and live-streaming sessions had surpassed 5 billion yuan 19 minutes after the clock struck midnight on November 11.