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China's Annual Shopping Craze

Startling Statistics from Singles' Day

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Startling Statistics from Singles' Day

Source:CW

These statistics show the amount spent this year for Alibaba's annual Singles' Day.

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Startling Statistics from Singles' Day

By Josh Horwitz
web only

Singles Day, Alibaba’s annual day-long online shopping bonanza in which the e-commerce giant offers heavy discounts on a wide range of products, just came to an end.

On the evening prior, a number of international stars made appearances at a countdown gala Alibaba held in Shanghai. Football star Luís Figo got shots blocked onstage, Pharrell performed alongside Chinese singers Kris Wu, Karen Mok, and pianist Lang Lang, and Nicole Kidman introduced Jack Ma’s upcoming martial arts film, Gong Shou Dao.

At midnight local time on November 11, the shopping commenced. Unsurprisingly, sales figures were enormous.

Image: Quartz

Citigroup predicted that Singles Day would drive $24 billion in purchases across Taobao, Tmall, and other e-commerce properties. In fact, Alibaba exceeded expectations by a small margin. Over the 24-hour period, consumers bought 168.3 billion yuan ($25.4 billion) in goods from Alibaba.

At one point over the 24-hour period Alipay, the payment service run by Alibaba affiliate Ant Financial, was processing a record 256,000 payment transactions—more than double from last year’s peak.

Alibaba surpassed last year’s final purchase figure of $17.8 billion at 1:09 PM local time, 13 hours after the festival began.

China’s State Post Bureau estimates (link in Chinese) that over 1 billion packages will be delivered across China between Nov. 11 and Nov. 16, as consumers wait to receive their orders. That will amount to roughly the number of packages delivered across China throughout the entire year 2006.


Additional Reading

Turning China Upside Down
Can Alipay Conquer Asia?
Alibaba Jack Ma: Retail Can't Even Fight Back

Original content can be found at the website of World Economic Forum.

♦ These are some of the most mind-boggling statistics from Singles' Day

This article is reproduced under the permission of World Economic Forum (WEF) and terms of Creative Commons Attribution-NonCommercial-NoDerivs 4.0 Unported License (“CCPL”). It presents the opinion or perspective of the original author / organization, which does not represent the standpoint of CommonWealth magazine.

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