Markets

Chinese shoppers spend a record $38.2bn during Singles' Day shopping festival

Chinese shoppers spend a record $38.2bn during Singles' Day shopping festival

For scale, Singles Day was more than 25 times the size of Amazon's most recent Prime Day, where the company boasted more than $1 billion in sales.

Surprisingly, Singles' Day 2017 even surpasses the sales for Black Friday and Cyber Monday in the United States combined by almost four times. The sale event generated $8.6 billion in sales within its first hour. 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.

Alibaba competitor JD.com reported $19.1 billion in sales, a 50 percent year-on-year increase.

Promoted by Chinese e-commerce giant Alibaba, which claimed more than a million retailers worldwide took part this year, including for the first time USA department store Macy's, each year on 11 November companies offer discounts on a range of products for a limited 24-hour period.

Other e-commerce companies also cut prices, but the event is closely associated with Alibaba.

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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.

Before the event kicked off, Citigroup Inc.predicted that the Singles' Day 2017 sale transactions will rise by more than 30% to 158 billion yuan. "On Singles' Day, shopping is a sport, it's entertainment".

The date of November 11 emerged as a counter-cultural antidote to the sentimentality of Valentine's Day. But there were hints of organizers wanting to make Singles' Day an global event. The interactive show, aired on Thailand's most watched channel and live-streamed on Lazada TV, featured celebrities singing and taking part in interactive games.

China has 750 million internet users, and 95% of them used a mobile device to access the internet in 2016, according to China's state-owned news agency Xinhua. More than three-quarters of a billion people visited Alibaba platforms and had access to more than 60,000 worldwide brands and over a million individual retailers.

And on this day i.e. 24 hours Alibaba handled a transaction of 1.48 billion. Alibaba has a big footprint around the world, including corporate offices in 12 countries, and it accounts for over 11% of all retail sales in China.