China's e-commerce firms experienced a surge in shoppers and sales during this year's Singles' Day shopping festival, although exact figures were not disclosed. Alibaba, the operator of Taobao and Tmall platforms, revealed that 45 brands, including Apple, Nike, Haier, and Midea, surpassed 1 billion yuan in gross merchandise value. The company reported robust growth in gross merchandise volume and a record number of buyers, without specifying exact numbers.
Alibaba also noted a significant increase in 88VIP members placing orders during the festival, with a growth of over 50%. JD.com, a rival online retailer, reported a 20% increase in shoppers during its Singles' Day promotion period, achieving double-digit growth in transaction volume and orders.
While final sales figures were not disclosed by Alibaba and JD.com this year, third-party estimates suggest a slowdown in sales growth post-COVID-19. Data provider Syntun estimated a 2% growth in gross merchandise volume sales across major e-commerce platforms last year, reaching 1.14 trillion yuan.
The Singles' Day shopping festival, initiated by Alibaba in 2009, has become a significant event in China, expanding to other platforms like JD.com and Pinduoduo. The festival serves as a barometer of consumer sentiment in the country.
Alibaba and JD.com have offered substantial subsidies to lower product prices, competing with discount shopping platforms like Pinduoduo. Categories such as home appliances, furniture, collectible toys, sports, and outdoor items performed well this year due to platform discounts and government subsidies.
Consumer spending trends indicate a shift towards experiences, hobbies, and health-related products. Consumers are prioritizing products that enhance their social lives and emotional well-being, moving away from luxury towards premium brands that align with their lifestyles.
Lululemon, a sportswear brand, achieved $1 billion in sales in China for the first time, with the country set to become its second-largest market after the U.S. JD.com reported high demand for large-screen televisions, robotic vacuum cleaners, air conditioners, dryers, and winter products during the festival.
