The terrible power of Chinese consumers: Alibaba raises $ 10 billion in just the first 30 minutes of Lonely Day, global brands from small to large participate in sales.
- Tram Ho
Chinese consumers spent about $ 10 billion in less than the first 30 minutes of Singles’s Day 2019. A lot of goods are sold from consumer electronics to luxury items. like cars. This figure is equivalent to one third of the total value of the whole day transaction last year, reaching 30.8 billion USD.
Up to this point, the update of the SCMP newspaper, the total transaction value of Lonely Day this year has reached 30 billion USD, which is exceeding the figures last year.
The annual Singles’ Day has become the largest shopping festival in the world initiated by Alibaba. In addition to Tmall and Taobao as the two traditional shopping platforms, this year Alibaba also expanded to platforms including Lazada, AliExpress with the desire to attract more customers outside China.
The US, UK, Australia and Japan are the foreign markets with the most buyers on this day.
“Singles’ Day is getting more global recognition but this is still a more domestic event, it shows the terrible power of Chinese consumers,” said an expert from EY.
Alibaba celebrated its first Singles’ Day in 2009 as an advertising campaign, but it has gradually become a giant shopping event. Last year, Chinese consumers spent 4,000 times more than the total spending on the first Singles’ Day organized by Alibaba.
Even before 11/11 took place, consumers were very excited with this event. Statistics show that 64 brands including Apple, Dyson, Lancome and L’Oreal … have seen pre-ordered sales of 100 million yuan.
In China, today is called Singles’ Day because there are 4 numbers 1 standing together (11/11). To celebrate this day, Chinese netizens (and especially single people) often spend huge amounts of money to shop online.
Source : Trí Thức Trẻ/SCMP