The extended Singles Day shopping festival this year kicked off with a bang, as Chinese consumers flocked to online platforms to snag deals on high-quality electronic products and engage in exciting livestreaming sessions. This annual event, also known as Double Eleven, has become a significant driver of economic growth in China, with experts predicting that it will play a crucial role in boosting consumer spending and supporting the country’s recovery from the impact of the pandemic.
Data from Tmall, Alibaba Group’s popular business-to-customer platform, revealed impressive sales figures within the first few hours of the shopping extravaganza. Over 174 brands saw their sales exceed 100 million yuan, showcasing the immense popularity of the event among consumers. The turnover of more than 12,000 brands surged by over 100 percent compared to the previous year, while nearly 6,000 brands experienced a staggering increase of more than 500 percent in sales.
One of the standout performers during the Singles Day festival was Apple, whose products raked in over 1 billion yuan in sales within just five minutes of the event’s commencement. Domestic smartphone brands such as Huawei, Xiaomi, and Vivo also saw their sales surpass the 100 million yuan mark in the initial hours of the promotional campaign, highlighting the strong demand for electronic gadgets among Chinese shoppers.
Livestreaming emerged as a popular shopping method for consumers, with top-tier livestreamers on Taobao Live generating sales exceeding 100 million yuan in a short span of time. This interactive and engaging shopping experience allowed shoppers to make purchases while watching live demonstrations and product showcases, adding an element of excitement to their shopping spree.
JD, another major player in the Chinese e-commerce landscape, ramped up its efforts to offer attractive discounts and subsidies on a wide range of products, including home appliances and computers. The platform also focused on enhancing its supply chain systems and logistics services to ensure a seamless shopping experience for customers.
In addition to traditional consumer goods, the Singles Day festival also showcased cutting-edge technological innovations developed by Chinese enterprises. Products in fields such as information technology, artificial intelligence, aerospace, new energy, and quantum technology were made available on platforms like Taobao, giving consumers access to groundbreaking products that represent the forefront of technological advancement.
One notable product that caught the attention of consumers was the AS700 civil manned airship, developed independently in China. This innovative airship, available for purchase at discounted prices during the event, can be used for various purposes such as sightseeing, emergency rescue operations, and aviation geophysical exploration, showcasing the diversity of products on offer during the Singles Day shopping festival.
Wang Yun, a researcher at the Chinese Academy of Macroeconomic Research, emphasized the importance of consumer spending in driving economic growth in China. He highlighted the Singles Day shopping carnival as a key driver of consumer purchasing power, stimulating domestic demand, and fueling the recovery of consumption in the country.
Overall, the extended Singles Day shopping festival this year witnessed a surge in sales of electronic products, innovative technological offerings, and engaging livestreaming sessions, underscoring the event’s significance in driving economic growth and promoting consumer spending in China.