As the end of the year approaches, retailers are overcome with a frenzy of sales.
Locally we’re waiting in anticipation for Black Friday but at the weekend Alibaba held its Singles Day sale on 11th November and data from that sale boggles the mind.
To start off with, total gross merchandise volume settled through Alipay amounted to $30.8 billion. That figure represents a 27 percent increase compared to the 2017 sale.
The sale featured 180 000 brands and Apple, Dyson, Kindle, Estée Lauder, L’Oréal, Nestlé, Gap, Nike and Adidas all sold $14.3 million worth of merchandise during the 24-hour period.
“Today we witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles,” chief executive officer of Alibaba Group, Daniel Zhang said in a statement.
“Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before. Looking ahead, Alibaba will continue to lead the evolution towards the future digital economy and lifestyle,” said Zhang.
But it’s not just China that is upgrading its lifestyle, Alibaba noted completed transactions in 230 countries and regions.
The top countries selling to China were Japan, South Korea, Germany, Australia and the US.
For comparative purposes Black Friday in the US generated $5 billion in sales in 2017 according to TechCrunch.[Image – CC 0 Pixabay]