Chinese e-commerce giant JD.com (JD) said Sunday that transaction volumes on its platform for the Singles' Day sales period grew more than 50 percent from past year to 127.1 billion yuan, or about $19.1 billion. Here the sales since the beginning of the week until the main event have been excluded.
The world's biggest online shopping event, held on November 11th of each year as a celebration among young people who are proud of being single, posted a 39 percent jump in sales, exceeding Citigroup Inc. estimates and defying concerns of an economic slowdown, the report said.
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Alibaba often pays celebrities to promote the day, with Nicole Kidman, Pharrell Williams and Maria Sharapova appearing on stage in Shanghai this year to perform in a televised gala.
China is a major target for most global marketers, not least because it represents still a significant growth opportunity, averaging seven per cent GDP growth per year and with the total spending power of middle class growing even faster. The Wall Street Journal reported that last year's total had already been beaten by 1pm on Sunday, just 13 hours after it had begun.
In the end, Singles Day - now dubbed 11/11 - was only about 10% of total GMV in the last fiscal quarter of 2016, Raymond James analysts note.
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"168.2 billion yuan sales is not only a record in China, but also a record worldwide", said Alibaba chief executive Daniel Zhang Yong. Indeed, during the busiest periods, the company registered 256,000 transactions per second.
When compared to previous years sales it has been a rise in 40%.
Other e-commerce companies also cut prices, but the event is closely associated with Alibaba. The now largest e-commerce sale day by volume closed with a new record 45 billion dollars in online shopping.
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