New Singles Day Record set by Alibaba Group during ongoing pandemic
Singles Day – or Shuāng shí yī 双十一 (Double 11) – has once again set new records with a whopping $56bn in sales, beating 2019 high. The mega event has already cemented its position as the world’s largest shopping period years back. But what can we learn from 2020´s shopping spree, in the midst of an ongoing pandemic?
Online is the path to Chinese consumers’ heart
Chinese consumers already buy 30% of the nation retail purchase online. This year Alibaba blew past last year’s record $38bn, with the order rate hitting a record peak of 583,000 per second.
More than 470 brands – including Apple, Xiaomi, Nike and L’Oréal – each surpassed 15 million USD in sales on Alibaba’s platforms.
COVID-19 seems to have had a major impact on shopping behavior and have changed the rules of the game even faster than expected. The digital shelf is now the primary shelf, if not the only shelf, especially for Chinese millennials.
Luxury goods segment sees a strong growth
International travel restrictions do not mean that the desire for luxury goods has gone away. This year, two clear group has emerged; one group is taking advantage of promotions and looking to make a bargain. The other group want high-quality products in the premium segment and are willing to spend more on the goods that they could not put their hands on overseas this year.
As predicted, brands in the fitness, technology, home and beauty industry saw impressive sales revenue. COVID-19 has encouraged consumers to adopt a healthier lifestyle also to re-decorate their home. Health-related products such as vitamins, decoration kits and home appliances saw a huge increase in sales this year.
Live stream dominates
Livestreaming dominated Singles’ Day promotional activities, which is in line with the trend that has skyrocketed throughout 2020. Surveys has shown that majority participated in some kind of live streaming during the festival.