BUSINESS

China’s Singles Day Breeds Billions

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

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