Alibaba Group reported significant sales growth during this year’s extended Singles' Day event, which wrapped up on November 11. While the company did not disclose total revenue, it noted that 45 brands, including Apple, Haier, Midea, and Xiaomi, surpassed 1 billion yuan ($138.62 million) in gross merchandise value (GMV).
JD.com, China’s second-largest e-commerce platform, also saw a more than 20 per cent increase in shoppers compared to last year, though it did not release sales data. Data provider Syntun estimated that sales across major platforms rose 2.08 per cent last year to 1.14 trillion yuan, with third-party estimates for 2024 still pending.
Initially a 24-hour event, Singles' Day has expanded into weeks of promotions. This year's event, which began on October 14, was the longest edition to date. Despite a subdued economic environment, with low consumer confidence amid a property downturn, larger-ticket household items performed well. JD.com reported a 200 per cent year-over-year increase in home appliance sales, driven by a 150 billion yuan subsidy scheme.
Additionally, collectible toys, especially anime and gaming-related products, experienced surprising growth. Brands like MiHoYo and Pop Mart surpassed 100 million yuan in GMV. Young shoppers, such as Shan Yin from Hangzhou, spent on gaming merchandise and collectibles to cope with stress, reflecting shifting consumer trends during the festival.
