Singles’ Day in China is exceeding expectations, with Alibaba posting $56 billion in sales by Wednesday morning (Nov. 11), according to a Reuters report.
“Because of COVID-19, many Chinese cannot go overseas,” Liu Bo, vice president at Alibaba, told reporters, per Reuters. “This actually stimulates online consumption.”
Singles’ Day is the biggest sales event in the world, with more sales than Black Friday and Cyber Monday in the U.S.
This year, Singles’ Day is four days long and sellers are reporting they have gotten “16 times as many orders by value as Amazon.com Inc’s two-day global Prime Day last month.”
This year also has Katy Perry, who made a virtual appearance at Alibaba’s gala.
The brisk sales are being seen as evidence of China’s economic rebound post-pandemic. Alibaba lost about 10 percent of its market value when Ant’s initial public offering (IPO) was postponed by Chinese regulators.
Alibaba started sales for Singles’ Day Nov. 1-3 to boost unknown brands. Gross merchandise value (GMV) will be calculated for sales Nov. 1-11.
Singles’ Day began in 2009 and is typically a one-day sales event. Last year ‘s numbers broke sales records, with GMV of $38.4 billion.
The event attracts shoppers from all of Alibaba’s platforms, many trying to buy goods early to get the biggest discounts.
Late last month, a new survey by AlixPartners about Singles’ Day sales found that some 57 percent of shoppers were planning to purchase fewer American goods. Some 62 percent of Chinese shoppers said they are choosing merchandise that drives patriotism, up 11 points from last year.