Consumers spend record $25bn in China's Singles Day shopping spree
14 November, 2017, 00:37 | Author: Terri Saunders
This perhaps makes Singles Day more welcoming to smaller Chinese merchants than Black Friday has been to smaller US retailers in recent years.
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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.
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.
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