China’s Alibaba achieves strong sales growth during “Singles’ Day”.

Alibaba Group, China’s largest e-commerce company, achieved “strong growth” in sales and “a record number of shoppers” during this year’s Singles Day, a week-long event that ended at midnight on Monday.

The company did not disclose total sales revenue for the period mentioned, but said sales of 45 brands — including Apple, Haier, Midea and Xiaomi — exceeded 1 billion yuan (138.62 billion US dollars).

As for JD.com, China’s second-largest e-commerce company, it did not release sales data, but indicated that the number of shoppers rose more than 20% year-on-year during the event, according to Reuters.

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Regarding last year’s sales volume, data provider Sinton estimated that sales across major e-commerce platforms rose 2.08% to 1.14 trillion yuan; No third-party estimates have yet been released for this year’s festival.

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It’s worth noting that the Singles Day festival, which usually takes place online 24 hours a day on November 11 every year in China, has expanded to include several weeks of promotions on major online platforms and brick-and-mortar stores. This year’s festival, which begins on October 14, is the longest yet

Sales growth expectations for the festival, seen as a barometer of consumer confidence, were modest this year as confidence in the world’s second-largest economy remains low amid a lingering real estate crisis and an overall economic slowdown.

According to a Bain & Company survey conducted before the Singles Day event began, nearly three-quarters of participants said they would spend the same amount or less on a Singles Day deal in 2024 than the previous year.

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According to JD.com, transactions in 519 home appliance categories grew by 200% year-on-year, with sales of energy-efficient air conditioners, robotic vacuum cleaners and smart toilets rising among popular categories.

Another consumer sector that saw unexpected growth was collectible toys and hobbies, a category that includes anime, comics and game-related products that are popular among China’s youth.

According to Alibaba statistics, the total value of designer brands and collectible toys, including MiHoYo, Pop Mart, Paperpresented and Jellycat, exceeded 100 million yuan.

($1 = 7.2139 Chinese Yuan)