The company states that they have experienced a 26 percent increase this year, compared to the same time period last year.
Chinese retail giant Alibaba reported
this year's Singles Day sales of over $ 74 billion . As most people know, Singles Day on November 11, or Singles Day, or 11.11 , is a Chinese shopping holiday initiated by online retailer Alibaba to celebrate single people as opposed to Valentine's Day. Today, however, it has become the world's largest shopping event, surpassing Black Friday and Cyber Monday in terms of sales each year.
Alibaba said in a statement that the annual sales craze broke a record with 498.2 billion yuan, or about $ 75 billion. This total includes a previous three-day period added to increase post-pandemic sales. The company states that they have experienced a 26 percent increase this year compared to the same time period last year .
Alibaba Group Executive Vice President Joe Tsai
said at a live event that the Chinese economy is returning to pre-epidemic levels and e-commerce in China has grown 17 percent year on year. Xiaofeng Wang , analyst at market research firm Forrester , also noted that the Chinese economy is experiencing a strong recovery and that Chinese consumers' purchasing behavior is already returning to pre-pandemic levels, although not higher.
In China, Alibaba once again held a live concert during the countdown in the process until the main sales day begins. It is possible to say that celebrities often take part in events called 11.11 Gala to market their brands and products. Last year's artist was singer Taylor Swift; This year's artist was Katy Perry.
Physical stores, as well as other Chinese e-commerce platforms such as JD.com, Pinduoduo, and Red, attended the event. Rival JD.com's event takes longer than Alibaba's and continues for almost two weeks. JD said in a statement that he set a new sales record of 271.5 billion yuan, or $ 41 billion, during the event, an increase of 33 percent compared to last year.