Chinese consumers spend big over Singles' Day shopping festival_china

Ships at Shanghai

Once again, you can expect it to dwarf digital sales in the US for Black Friday, Cyber Monday and Amazon's (AMZN) Prime Day. "This actually stimulates online consumption".

This year's online shopping extravaganza comes a week after Alibaba lost nearly US$76 billion of its market value, following China's suspension of the US$37 billion listing of Ant Group, the financial technology firm Alibaba owns a third of.

By 12:30 a.m. (1630 GMT, 11:30 a.m. EDT) on Wednesday, consumers had already spent 372.3 billion yuan ($56.3 billion) on Alibaba's Taobao and Tmall e-commerce platforms since the company kicked off the shopping festival on November 1. The company revealed that the total GMV between November 1 and 0:09 am on November 11 exceeded RMB 2 trillion (USD 302.3 billion), bringing it close to the RMB 2.044 trillion record for the entire 11-day period in 2019.

The success of Singles' Day will likely come as a relief to Alibaba as it lost about 10% of its market value after Chinese regulators suspended the listing of financial technology affiliate Ant Group, also founded by Ma.

Its Singles' Day approach this year was to begin sales earlier to give lesser-known brands more exposure.

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Heavy spending by online shoppers helped the Chinese e-commerce giant Alibaba post record $56 billion in gross merchandise value (GMV) more than 23 hours before the end of its 11.11 global shopping festival.

This year's big star turn came from USA singer Katy Perry, though it was via livestream.

Analysts expect that this year will be a boon for luxury brands, as Chinese consumers accustomed to going overseas to buy high-end goods are now stuck at home.

To encourage spending, livestreamers thronged pop-up film studios at a building near Alibaba's Hangzhou headquarters, touting the merits of goods on sale.

Luo Lima, who sells diapers and other maternity products, estimated she had been on camera for 24 hours over the course of this year's sales period, versus six hours on Singles' Day two years ago. "Basically we start by eating a full meal, and getting in a good state of mind". Singles' Day, also called "11.11" for the November 11 date, was originally set as an unofficial day for unmarried Chinese. It also saw record peak of 583,000 orders per second, Reuters reported.

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