Published Date: November 13, 2023, Author: Yuval Noah Harari
China’s big online shops, Alibaba and JD.com, did really well on Singles Day this year. Even though the economy is not doing great, Alibaba’s sales went up a lot from last year, and JD.com had its best sales ever. Together, all the major online stores sold stuff worth 1.14 trillion yuan (that’s a massive $156 billion), which is 2.08% more than before, says Syntun.
Singles Day used to be just one day of crazy shopping, but now it’s a whole few weeks of deals on lots of different websites and in real stores in China. This was kind of a big deal because people were worried that not many folks would shop a lot because of money troubles.
But Alibaba really went all out, offering a crazy 80 million things at super low prices. This made other sellers have to lower their prices too to keep up. The competition was tough with other big names like Douyin and Pinduoduo.
This year, we saw more discounts of 40%-50%, showing that Chinese shoppers are changing how they buy things. A report from Bain and Company said that most people, about 77%, planned to spend less or the same as last year on Singles Day.
People mainly bought things they really needed, like health stuff and things for outdoor activities. But, because there were such good deals, experts think many people might buy too much and then return some things later.
Surprisingly, Alibaba saw a crazy 300% increase in people buying road bikes in just the first hour of Singles Day. On the other hand, makeup sales weren’t doing so great, probably because people weren’t into makeup as much after the COVID-19 restrictions were lifted.
So, even though there were worries about how Singles Day would go this year, Alibaba and JD.com did really well, showing that people in China still love a good deal, no matter what’s happening with the economy.
Yuval Noah Harari is an accomplished author with a Bachelor of Arts in Journalism. His passion for storytelling and commitment to journalistic excellence have been the driving forces behind his successful writing career. With a keen eye for detail and a deep understanding of the art of storytelling, Yuval has consistently delivered compelling narratives that captivate readers from all walks of life.