The world’s largest shopping holiday on November 11, hit a new record of $30.8 billion in gross merchandise value (GMV).
Sales this year grew 27%, compared to 39% in 2017 and 32% in 2016.
Shoppers ordered over 1 billion packages within 24 hours from 180,000 brands on Alibaba’s retail platform, including online marketplace Tmall, Taobao and AliExpress.
This shows robust consumer demand despite concerns about China’s economic growth slowdown.
The sales results dwarfed holiday shopping spending in the U.S., where people spent $14.5 billion online during Thanksgiving, Black Friday and Cyber Monday in 2017, according to software company Adobe. ‘
Online sales this year for the five-day holiday (include the weekend) is expected to be $23.4 billion.
Digital savvy young consumers are fueling the growth of Singles Day. Forty-six percent of the shoppers are young millennials, known as the post-1990s generation in China (people born between 1990-1999).
While the platform sees a deceleration in home appliance and cellphone sales, Alibaba CEO Daniel Zhang said the demand for makeup and wellness products is surging, showing consumption upgrade trends.
The already whopping GMV number doesn’t include any offline sales, one of Alibaba’s focus on its new retail strategy.
Source: Yahoo Finance