Chinese consumers spend US$56 billion in 10 days during the world’s largest shopping festival
As China’s Singles’ Day shopping bonanza kicked off at midnight on November 11, gross merchandise volume (GMV) on platforms operated by Alibaba Group Holding reached 372.3 billion yuan (US$56.3 billion) in the 10 days leading up to the main event through its first 30 minutes.
Singles’ Day sales started early on November 1 this year, with GMV topping last year’s sales of 268.4 billion yuan (US$38.4 billion), which only accounts for sales on November 11 on platforms owned by Alibaba, the parent company of the South China Morning Post.
As the world’s largest shopping festival, Singles’ Day is known for its steep discounts on everything from daily necessities to luxury items and even apartments. Early results this year count GMV starting from November 1 through 12.30am on November 11.