Smashing the previous year’s record has become a tradition for Alibaba’s 11.11 Global Shopping Festival.

Popularly known as Singles’ Day, the world’s biggest online shopping festival stretched for 11 days this year – from November 1st to 11th.

Alibaba has reported sales of US$74.1 billion in GMV.

In a strong thumbs-up for China’s economic recovery, sales hit US$56.3 billion on November 11th, obliterating the 2019 figure of US$38 billion.

Over 470 brands achieved more than US$15.1 million in sales, says Alibaba.

The US was the leading country selling into China by GMV at US$5.39 billion.

Australia and New Zealand were among the top 8 countries, including the US, alongside Canada, Germany, France, Italy and Japan.

The number of overseas brands participating in this year’s event increased to 31,766 – up from 26,000 last year.

Celebrities such as Katy Perry, Taylor Swift and Selena Gomez fronted livestreaming events, which surged to 28 channels this year.

Singles’ Day originally focused on sales of central items such as beauty products and electronics, says Melanie Saunders, Asia-Pacific head of retail for Bain &Co.

“But e-commerce in China has expanded to include just about anything a consumer might purchase, including groceries, as digitally savvy Chinese opt for the convenience of online shopping”.

Beauty is expected to more than hold its own as a standout category in the hearts and minds of Chinese consumers, though.

According to GlobalData, the Chinese cosmetics and toiletries market is expected to grow to US$97.4 billion by 2024 – up from US$72.6 billion in 2019.

Leave a comment

Your email address will not be published. Required fields are marked *