Industry experts said the purchasing frenzy during the biggest shopping event of the year showed the vitality of the consumer market in China and resilience of the country’s economy. — China Daily
Beijing: Sales boomed on the opening day of the extended Singles Day shopping extravaganza that kicked off at 8pm on Tuesday, with high-quality products and livestreaming sessions proving popular among Chinese consumers.
Industry experts said the purchasing frenzy during the biggest shopping event of the year showed the enormous vitality of the consumer market in China and strong resilience of the country’s domestic economy.
Data from Tmall, Alibaba’s business-to-customer platform, showed that in the first hour of the promotional campaign, the turnover of 71,900 brands exceeded that of Oct 31 last year, while 155 brands, including Apple, Haier, Midea and Huawei, saw sales surpass 100 million yuan during a brief period.
The transaction volume of premium consumer electronic devices, such as interchangeable-lens digital cameras and 3D printing equipment, surged about 100% and 400% year-on-year, respectively, in the first hour, Tmall said.
Consumers increasingly preferred to snap up bargains via livestreaming on eCommerce platforms, with sales from 29 livestreaming rooms of Taobao Live, Alibaba’s livestreaming arm, surpassing 100 million yuan within a short period of time. — China Daily/ANN
