Chinese shoppers spend over $100 billion in Singles' Day extravaganza

mood · Nov 13, 2020

Chinese shoppers spend over $100 billion in Singles' Day extravaganza
Event started in 1993 by Chinese students to celebrate singlehood is now an annual shopping bonanza
November 11, 2020
https://www.cbsnews.com/news/chinese-shoppers-spend-over-100-billion-in-shopping-fest/

"Singles' Day" may sound lonely, but those who took part in the world's largest annual shopping spree found togetherness in spending over $100 billion during the event, according to Alibaba.

The final sales figure blew away last year's $38.4 billion over 24 hours, after Alibaba extended its sales period this year for the first time as it sought to help boost sales for merchants affected by the coronavirus pandemic.
The annual Singles' Day shopping festival, the world's largest of its kind, offers shoppers discounts on a variety of products, from fresh produce to luxury items.
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Also participating in the festival are A-list celebrities, singers and sports stars from around the world who take part in online promotional events and performances on Chinese TV networks throughout the festival.
Barometer for consumption
The annual shopping festival is closely watched as a barometer for consumption in China.

"We looked at Black Friday in the U.S. and said, 'Why don't we have our own Black Friday in China?'" said Alibaba CEO Daniel Zhang in a statement on its website.
Singles' Day falls on November 11, which when written numerically as 11.11 resembles "bare branches," a Chinese expression for the single and unattached.
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mood · Nov 12, 2021

Singles Day: Alibaba's annual event sees slowest ever sales growth
November 12, 2021
https://www.bbc.com/news/business-59257315

Chinese e-commerce giant Alibaba's Singles Day is known for being the world's biggest online shopping extravaganza.

But this year it has been a more toned down affair as Beijing cracks down on businesses and economic growth slows.
However, customer spending still hit a fresh record high of 540.3bn yuan ($84.5bn; £63.2bn).
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This year marks the first time that sales for Alibaba's Singles Day, which the company refers to as the "11.11 Global Shopping Festival ", failed to achieve double digit year-on-year growth.

"It's probably not that great if you consider the market is expected to grow at almost 12%," Rui Ma from the Tech Buzz China website told the BBC.

Shen Lu from technology website Protocol told the BBC that this year's Singles Day was about improving the company's image: "Alibaba is trying to present themselves to be a tech company with social responsibility."
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Chinese shoppers spend over $100 billion in Singles' Day extravaganza

mood Updates Team

mood Updates Team