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

Ivan Schwartz
November 14, 2017

It was at midnight that a deluge of pre-orders started trickling in and in just the first two minutes they were able to drive a billion dollars of sales on Alibaba's platforms. The event helped at least 82 brands top 100 million yuan in sales- Nike Inc., Xiaomi Corp. and Uniqlo Co. coming out as some of the biggest winners.

Lazada became majority owned by Alibaba, after the latter doubled its investment in the company to close to US$2 billion earlier this year.

Everything about Singles Day is noteworthy, from the sales volume to the number of transactions that get processed on mobile payment platforms. "We could take the gala overseas very soon", Zhang said.

Squali notes, "Strong Chinese consumer buying, 4x growth in global brands, strength in cross border trade, rise of New Retail and ubiquity of mobile drove this outsized performance, and bode well for the company's December quarter". While that's only half the growth rate a year ago, the event still dwarfs others such as Black Friday and Cyber Monday.

Jack Ma, the Chinese teacher-turned-business tycoon founded the Alibaba in 1999.

What does it mean that "Singles Day shatters old record?"

For the second year, Alibaba kicked off the shopping event with a televised and live-streamed gala featuring 27 brands offering exclusive product and enhanced VR experiences. "Shopping is entertainment nowadays", Palmer said.

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Alibaba incorporated significant offline retail offerings into the event.

To connect a 10th of China's six million convenience stores to the internet, Alibaba uses an app called Ling Shou Tong, meaning "connect retail".

China's growth rate and the burgeoning relevance of its consumers are "easily" the most important influences on the global economy, according to the former chairman of Goldman Sachs Asset Management.

Shoppers in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam ordered 6.5 million items, 191 per cent or almost double that of past year, Lazada said in a media release on Monday (Nov 13).

To see more about these major players, check out the infographic.

Alibaba said more than 140,000 brand and merchants participated, its payments platform, Alipay, processed 1.48 billion transactions and its logistics provider Cainiao Network processed 812 million total delivery orders.

Other reports by GizPress

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