Alibaba's Singles' Dai-shopping extravaganza is on track to surpass last year's record, as consumers pulled out everything from consumer electronics, luxury items and even cars at a time when the clock tripled at midnight.
It is expected that this year's single "Day of themselves" will be the biggest Alibaba, because it hopes to reach a record billion orders at the end of the 24-hour event. From 09:32 on Sunday, 131 billion yuan ($ 18.8 billion) of orders were collected, compared with 103 billion yuan at the same point last year.
In 2017, consumers spent 168.2 billion yuan on a one-day event, also known as Double 11, making it the world's largest shopping festival.
Alibaba for the first time extends its Singles' Dai bonanza to the Lazada branch in Southeast Asia, as well as its subsidiaries Ele.me, Koubei, supermarket chain Hema, as well as other business units.
The total volume of commodity exchanges (GMVs) for this year's single – or the value of total transactions on the platform – will be widely seen as the barometer of consumer spending and the health of the population in the world's second-largest economy.
A trade war with the United States saw billions of dollars of goods on the goods, which exacerbated the slowdown in the Chinese economy. Analysts expect a US trade stall likely to hit production numbers at the beginning of next year. A powerful performance for the Day Single can help pick out the worrying consumer confidence.
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"If my assumption is true and 11.11 is a success, I believe that one conclusion is that bad news travel more quickly than good news and despite some warning signs there are strong forces in the consumer sector," said Frank Lavin, founder of Shanghai and Ekport and a former US trading officer and ambassador to Singapore.
He predicted that Alibaba will record growth of 20 to 30 percent compared to last year's GMV record, resulting in a moderate negative media coverage of the facilitating Chinese economy and consumer confidence, and that Alibaba will see over 1 billion packages delivered.
Already in advance, a sale held by various dealers in front of the Singles Dai Festival on November 11, 33 major brands have already reached 100 million yuan per order, including the car company Buick, which has increased orders for 7,000 vehicles.
Within half an hour, 30 brands, including Nike, Uniklo, Adidas, Procter & Gamble, Xiaomi and Apple, went over 100 million yuan in sales. In just one second, 3,700 special editions of MAC boxes for individuals were sold out.
Import healthcare add-ons are still the most popular among Chinese consumers because brands such as Svisse, GNC and MoveFree are among the best-selling imported goods. Consumers purchased the most imported goods from Japan, the United States and South Korea.
Valentine's Day got its name from November 11th. Numero written as 11/11, the date looks like "bare fronts", the Chinese term for singles and incomplete.
As some kind of antidote to social pressures, many of the Chinese singles began to throw themselves on Dan Singl, which became the day of Antinstitutional Days. To satisfy these consumers, Alibaba held its first Singles' Dai shopping event in 2009 to serve these consumers.
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Today's Singl Day has been expanded to become a shopping festival for everyone, and Alibaba holds an annual double star of 11 stars, packed with celebrities and performances to entertain millions of users while selling. This year, stars including Mariah Carey and Cirque du Soleil performers enjoyed a four-hour gala television on Alibaba's video platform and other media partners.
Given the sale of Black Friday and Ciber Monday, the festival has become the world's largest on a global scale.
Alibaba uses an event every year as a test bed for new research technologies, such as Nev Retail – the integration of online and offline stores – as well as artificial intelligence and increased reality.
Other brands and e-commerce vendors such as JD.com, Mogjie and VipShop also jumped to the pass, with campaigns and promotions, to attract customers to spend on their platforms.
"For our tenth anniversary, of course, we expect an even greater event of the Singles Dai than in previous years," said Pascal Martin, a partner at OC & C Strategi Consultants in a statement. Event "is not just about buying products, but more and more about buying different services [within Alibaba’s ecosystem], from video footage of Iouk to UC mobile games, Taopiaopiao theater maps, music on Xiaomi music, travel to [Fliggy and so forth.]"
Alibaba is the owner South China Morning Post.
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