Consumers spend record $25bn in China's Singles Day shopping spree

14 November, 2017, 00:37 | Author: Terri Saunders
  • More than 70 per cent of orders were placed on mobile devices during Lazada’s Singles’ Day sales

This perhaps makes Singles Day more welcoming to smaller Chinese merchants than Black Friday has been to smaller US retailers in recent years.

Audio will be available later today.

This year's event on November 11 far exceeded the company's Singles' Day in 2016, which raked in $18.1 billion during its 24-hour sale period, according to South China Morning Post.

Momo.com said it integrated its online and offline resources by convening a 10-hour marketing event in Xinyi District on Saturday, inviting 11 Taiwanese celebrities to live-stream promotions of discounted products displayed on the event stage.

China's second biggest e-commerce company, JD.com, reported an unexpected profit in the third quarter, though it lost about 100 merchants to fierce competition in the run-up to this month's Singles' Day shopping extravaganza. About 80% consumers on Alibaba's shopping app are younger than 25, which demonstrates the trust that up-and-coming consumer groups place in mobile transactions.

China's largest e-commerce giant, Alibaba Group, said Sunday sales by the thousands of retailers on its platforms for the 24-hour period on Saturday amounted to 168.3 billion yuan ($25.3 billion US), setting a new record for the company.

Georgia sees decrease in hate crimes; most reported in Cobb County
Trump repeatedly made comments during last year's campaign seen as disdainful toward blacks, Latinos, women and other groups. There were 40 hate crimes reported in the state past year , the highest number of bias-related incidents since 2010.


But like Amazon in the U.S., Alibaba has a strategy to integrate online shopping with brick-and-mortar stores, which still make up 85% of total retail sales, according to the company.

Consumer spending in China accounted for 40 percent of the GDP, compared with nearly 70 percent for the U.S. Reaching that level would translate to annual spending of 700 billion to 800 billion dollars, according to Tsai's projections. "The Singles' Day Gala combined entertainment, shopping and interactive involvement and that is why it is such a unique success".

At just past the halfway mark, the headline gross merchandise volume swept past last year's dollar total just shy of $18 billion.

China's growth rate and the burgeoning relevance of its consumers are "easily" the most important influences on the global economy, according to the former chairman of Goldman Sachs Asset Management.

Alibaba said more than 140,000 brand and merchants participated, its payments platform, Alipay, processed 1.48 billion transactions and its logistics provider Cainiao Network processed 812 million total delivery orders.

Recommended:



Popular

Mogherini hails 'historic' European Union defense pact as 23 countries sign up
Mrs Mogherini said the move would not only complement Nato's security aims but fill in gaps in the Atlantic alliance. With the notification signed, a final decision to launch the defense cooperation framework is expected in December.

Taylor Swift bringing 'Reputation' tour to New Orleans
Swift is set to perform at Tampa's Raymond James Stadium on August 14 and at Miami's Hard Rock Stadium on August 18. Registration is open through Tuesday, Nov. 28, on the ticket outlet's website.

United Airlines suspends operations to smog-hit Delhi
The company said in a statement Saturday that it had waivers in place for customers traveling to, from or through New Delhi . According to reports, in a bid to not miff its passengers, the airline is also offering travel waivers.

Light rain showers tonight, cooler weather Monday
We will see increasing clouds through the day and some showers could come through late in the evening to the overnight hours. A cold front will be moving through the area later today, but it will only drop temperatures a couple degrees.

Legendary New York Gossip Columnist Liz Smith, Dead at 94
Even in the ruthless world of gossip, though, those who came after her paid their respects. Its success was due in part to Smith's own celebrity status, giving her insider access.

So Michael Bisping Has Reportedly Stepped up to Fight Kelvin Gastelum
We pride ourselves in taking a deeper look into the fighter, and understanding what makes them tick. Kelvin Gastelum is in need of an opponent after Anderson Silva failed another USADA drug test.

Income Tax Raids Against Sasikala Clan Almost Over, Say Officials
The news channel further stated that the shell companies were reportedly used to purchase properties by Sasikala . After analysing the documents and obtaining clarifications, tax demand would be raised, the official told IANS.

Corry Evans apologises for wife's racist rant at Romanian referee
The Irish FA are expecting over 2,000 Northern Ireland fans to travel to the Swiss city for the game but only 1,800 have tickets for the match.

Seamers set up 192 run win for England
Thirty years ago, Mike Gatting's outfit took the traditional English, which is to say slightly shambolic, road to Brisbane. Cook s scratchy start to his Ashes tour continued when he made 32 from 85 balls in the second innings in Adelaide.

How and where to watch the planetary event — Venus-Jupiter conjunction
Viewers in NY will see the Jupiter rise first at 5.26am, with Venus coming at 5.31am, according to Space.com. Seeing the sun through a telescope or binoculars can cause serious eye Problem without proper sun filters.