China’s Singles Day or double 11, an unofficial holiday on Wednesday, 11 November raked up tens of billions of dollars for e-commerce and retail companies in China.
Alibaba said on Thursday that the annual sales frenzy broke records once again after it collected roughly US$ 75 billion (or 498.2 billion yuan). The total includes an earlier three-day period that was added to boost post-pandemic sales.
Compared to the same timeframe as last year, this year’s haul represents an increase of 26%, the company said.
At one point the company saw a record peak of 583,000 orders per second, Reuters reported.
Alibaba’s rival Douyin, JD.com Incorporated and Pinduoduo Incorporated have also done big on the Singles Day sale.
JD.com said it recorded 271.5 billion Yuan (US$ 40.97 billion) worth more than the 204.4 billion yuan it recorded in 2019; while electronics shop Suning.com saw 5 billion Yuan sales in the first 19 minutes of the day.
The growth is a showcase for the country’s success in battling the Covid-19 pandemic and the effect it had on the economy.
“China’s economy has seen a strong recovery and Chinese consumers’ purchase behaviors have already returned to pre-pandemic levels, if not higher,” according to market researcher, Xiaofeng Wang.
China reported positive economic growth for the second quarter in a row last month, underlining how quickly the world’s second-largest economy has recovered from the pandemic.
For brands and retailers scrambling to recover from months of shuttered shops and consumers hunkered down indoors, the lucrative Chinese shopper is a much-needed bright spot. Many companies “are doubling down” on their Singles Day sales events, according to Wang.