CHINA, 12/11/2024 (Asia News Channels) - China's annual Singles' Day shopping festival concluded this Monday, with e-commerce giants reporting increased shopper participation, as reported by Reuters. Alibaba Group, China's largest e-commerce firm, noted "robust growth" in sales along with a "record number" of shoppers for the sales period.
The event, originally a 24-hour shopping promotion held on November 11 by China tech gian Alibaba, has expanded into a multi-week retail period across online and physical channels, making this year’s Singles' Day the longest iteration to date, beginning October 14.
Though Alibaba did not disclose total sales figures, it confirmed that 45 major brands, including Apple, Haier, Midea, and Xiaomi, exceeded 1 billion yuan (approximately $138.62 million) in gross merchandise value (GMV). JD.com, China’s second-largest e-commerce platform, did not release revenue details but reported a 20% year-over-year increase in shopper numbers.
Last year, data from market research firm Syntun estimated that overall Singles' Day sales across major platforms rose by 2.08%, totaling 1.14 trillion yuan. Independent data for this year’s event has yet to be released. Anticipation for sales growth was tempered this year as economic concerns remain; a recent Bain & Company survey indicated that nearly three-quarters of respondents planned to spend the same or less than in previous years.
Sales were notably driven by larger home appliances, boosted by China’s 150 billion yuan ($20.8 billion) national trade-in subsidy for energy-efficient goods. JD.com reported a 200% year-on-year increase in transactions across 519 home appliance categories, with air conditioners, robotic vacuum cleaners, and smart toilets among the best sellers.
An unexpected area of growth included collectible toys and hobby items, especially anime and gaming-related merchandise popular with younger consumers. Alibaba reported that designer and collectible brands such as MiHoYo, Pop Mart, Paperpresented, and Jellycat surpassed 100 million yuan in GMV.
The Singles' Day festival has taken on a more subdued profile in recent years, with fewer publicized GMV figures and less fanfare around results. Analysts regard the sales figures as a gauge of consumer confidence in China, where economic concerns persist due to a prolonged property downturn and other macroeconomic factors.
--ASIA NEWS CHANNELS