China’s annual Singles’ Day or Double 11, called Bachelors’ Day initially, is a Chinese unofficial holiday and shopping season, which takes place every year at this time — 11/11.
The one-day shopping extravaganza regularly rakes in billions of dollars for Alibaba (BABA) and other e-commerce and retail companies in China on an annual basis, and this year was no exception.
This year, despite the COVID-19 pandemic, the shopping event has been a rollicking success.
Early reports suggest that sales have broken last year’s record.
Alibaba’s early Wednesday morning annual sales have pulled in 372.3 billion yuan ($56.3 billion).
The total sales include the first 30 minutes of the event and an earlier three-day period added to boost post-pandemic sales.
With those added days, Alibaba has already beaten the record haul it brought in over its 24-hour Singles Day period last year.
It sold 268.4 billion yuan ($40.5 billion) worth of goods during the 2019 event, growing 25% year-on-year.
“We are probably going to be doubling last year’s 11.11 or maybe even more than that, and this really shows that consumption habits have really moved online, not just in first-tier (cities) but across the entire country,” Jacob Cooke, CEO of WPIC, an e-commerce tech and marketing firm that helps foreign brands sell in China, said in a CNBC report.
Nigel Bell Readers Bureau, Contributor
Edited by Jesus Chan
Do you want to add feedback to this story?
Please add a comment in the box below or send an email to email@example.com, send us a message on WhatsApp at 646-874-7976 or Call us at 201-500-7715