Chinese Singles’ Day blows away Thanksgiving weekend
As American shoppers are slowly easing into the holiday season, China has already experienced what may well be the biggest online shopping event in the world: Singles’ Day. Originally conceived by young people celebrating the joy of being single, November 11 (11.11. – each digit representing a single person) has evolved into a huge shopping event, with Chinese eCommerce giant Alibaba particularly successful in marketing the occasion.
Year after year, the Chinese eCommerce giant posted new Singles Day sales records, with last year’s gross merchandise volume (GMV) amounting to a staggering US$30.8 billion across all of Alibaba’s eCommerce platforms. According to the latest Alibaba press releases, this year’s Singles’ Day set another sales record with a GMV of US$ 38.4 billion within 24 hours, a jump of 26% compared to last year. With almost 1.3 billion, the total number of delivery orders also reached a new all-time high, a huge increase on last year’s number of 812 million.
Compared to these numbers, Cyber Monday and Black Friday look like exercises in frugality. Last year, total Cyber Monday eCommerce sales in the United States amounted to US$6 billion, with Thanksgiving and Black Friday adding another US$8.2 billion for a weekend total of US$14.2 billion. This year’s Thanksgiving weekend will likely bring about another record in U.S. eCommerce history, but it won’t come close to matching China’s largest shopping extravaganza.
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