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Singles Day may seem lonely, but those who participated in the biggest annual shopping spree they found union spending more than $ 100 billion during the event, according to Alibaba.
Final sales figure surpassed $ 38.4 billion last year in 24 hours, after Alibaba extended its sales period this year for the first time as it sought to help boost sales for merchants affected by the coronavirus pandemic. .
The annual Singles Day shopping festival, the world’s largest of its kind, offers shoppers discounts on a variety of goods, from fresh produce to luxury goods. Merchants ranging from small online stores to international brands such as Apple, Nike and L’Oreal, participate in the festival by lowering the prices of their products.
Alizila / Adweek
Also participating in the festival are top-tier celebrities, singers and sports stars from around the world who participate in online promotional events and appearances on Chinese television networks throughout the festival. This year’s headliner was Katy Perry, who gave a live performance on Tuesday.
Past Singles Day performers include Taylor Swift, Mariah Carey, and Pharrell Williams, along with celebrities Nicole Kidman, Kobe Bryant, David Beckham, and Scarlett Johansson.
Consumption barometer
The annual shopping festival is closely watched as a barometer of consumption in China. What morphed into an astonishing income-generating venture began with Chinese college students throwing parties to celebrate their singleness in 1993, only to be co-opted by Alibaba 16 years later, in 2009.
The China-based retail giant downgraded merchandise in a marketing campaign that soon prompted other e-commerce companies to follow suit. A decade later, the shopping bonanza has become the world’s largest, regularly dwarfing Black Friday and Cyber Monday sales in the US, and has given Amazon Prime Day a run for its money. money.
“We looked at Black Friday in America and said, ‘Why don’t we have our own Black Friday in China?'” Alibaba CEO Daniel Zhang said in a statement on his website. “November is a good time of year for sales, but there are no good Chinese festivals in November. So we found a little-known day, November 11, known as ‘Singles Day.’
Singles’ Day falls on November 11, which when written numerically as 11/11 resembles “bare branches,” a Chinese expression for singles and singles.
