China’s largest e-commerce platform, Alibaba Group, has announced impressive sales numbers following this year’s Singles’ Day shopping festival, reporting “robust growth” and a “record number” of shoppers. The annual retail event, which began as a one-day affair on November 11, has expanded over recent years into a multi-week phenomenon. The 2024 event, which launched on October 14 and concluded at midnight on Monday, was Alibaba’s longest Singles’ Day sales period to date. Singles’ Day has grown into a barometer for consumer confidence in China, showcasing shopping trends across the world’s largest e-commerce market.
Unlike in previous years, Alibaba chose not to disclose its total gross merchandise value (GMV), a significant departure from its past practice of publicly sharing full sales revenue figures. Despite the absence of this key figure, Alibaba revealed that 45 top brands—including prominent names like Apple, Haier, Midea, and Xiaomi—each achieved over 1 billion yuan (approximately $138.62 million) in GMV during the event.
While Alibaba highlighted its success, JD.com, China’s second-largest e-commerce company, kept specifics on GMV under wraps, instead reporting a more than 20% year-over-year increase in the number of shoppers. The strategy by both e-commerce giants to withhold complete sales figures follows a shift that began in 2022 when Alibaba and JD.com started releasing more conservative reports amid changing consumer habits and growing economic challenges.
Originally held on November 11 each year as a one-day shopping event, Singles’ Day has undergone a significant transformation over the past decade. What began as a celebration for singles has turned into a nationwide shopping bonanza, drawing billions of shoppers each year. With major promotions now spanning weeks and including both online and offline retailers, the event has become one of the largest retail festivals worldwide, surpassing events like Black Friday and Cyber Monday in the United States.
The festival’s expansion is not merely confined to e-commerce. This year, a significant number of physical stores across China participated, capitalizing on the event’s enormous reach and attracting more shoppers with unique in-store experiences and offers.
The prolonged duration of this year’s Singles’ Day came amid economic concerns that have tempered expectations for growth. China’s economic outlook remains clouded by the prolonged real estate sector downturn and broader macroeconomic headwinds. These challenges have affected consumer spending habits, with many shoppers appearing more conservative in their expenditures this year.
A Bain & Company survey conducted before the start of Singles’ Day indicated that around 75% of respondents anticipated spending the same amount or less than last year on Singles’ Day deals. The results underscore a trend towards cautious spending, reflecting overall low consumer confidence in the current economic environment. Bain analysts note that while Singles’ Day remains a strong gauge of spending patterns in China, it has become clear that consumers are prioritizing smaller, more practical purchases over luxury or high-end goods.
One standout category in this year’s Singles’ Day was household appliances. The sector benefited substantially from a national trade-in subsidy program that was introduced in July to stimulate domestic consumption. The 150 billion yuan ($20.8 billion) subsidy aimed to encourage consumers to purchase newer, energy-efficient models of home appliances by offering attractive discounts and trade-in options.
JD.com, in particular, saw notable growth in this sector, reporting a staggering 200% year-on-year increase in transactions across 519 categories of household and home appliances. Among the best-selling items were energy-efficient air conditioners, robotic vacuum cleaners, and high-tech smart toilets. These purchases aligned with the government’s broader environmental goals by incentivizing energy efficiency in Chinese households.
Another unexpected trend emerged in collectible toys and hobby items, with younger shoppers leading demand in these categories. Alibaba reported that brands known for designer and collectible toys—including MiHoYo, Pop Mart, Paperpresented, and Jellycat—each surpassed 100 million yuan in GMV during the Singles’ Day period. The popularity of this category signals the growing influence of pop culture and gaming on consumer preferences in China, especially among Gen Z and millennial shoppers.
One such consumer, Shan Yin, a 23-year-old student from Hangzhou, shared her experience with purchasing collectible merchandise. Spending a total of 3,200 yuan on gaming products and anime collectibles, Yin expressed that buying items from titles like “League of Legends” and anime series such as “Noragami” and “Banana Fish” provided her a source of stress relief amid her demanding studies. “Cosplay and buying this merchandise are ways for me to regulate my emotions,” she said, speaking to the popularity of fandom culture among China’s younger generation.
Singles’ Day has traditionally been known for extravagant marketing campaigns, often featuring celebrity endorsements and live-streamed events. However, this year saw a marked shift in promotional tactics. Both Alibaba and JD.com adopted a more reserved approach, focusing on direct discounts and product-oriented promotions rather than high-profile entertainment events. This change aligns with the recent trend of reducing public display of conspicuous consumption amid calls for economic prudence and frugality.
The shift in marketing tactics can also be attributed to regulatory scrutiny in the e-commerce sector. In recent years, Chinese authorities have increased oversight on tech companies, seeking to curb aggressive advertising practices and prevent monopolistic behaviors. The subdued campaigns this year reflect a cautious approach as companies aim to align with these regulatory expectations while still engaging shoppers.
Sustainability has also become a significant focus in this year’s Singles’ Day, with many brands and platforms incorporating eco-friendly messages into their promotions. Chinese consumers are increasingly aware of the environmental impact of their purchases, and both Alibaba and JD.com have highlighted sustainability initiatives. Some retailers offered rewards for purchasing eco-friendly products or opting for minimal packaging, while Alibaba promoted a new recycling program for packaging materials, underscoring the company’s broader commitment to green practices.
Singles’ Day, once a purely Chinese event, has captured global attention in recent years as international retailers and brands increasingly recognize its vast reach and potential. While Singles’ Day sales numbers are unparalleled, similar shopping festivals have emerged worldwide, including Amazon Prime Day, India’s Diwali sales, and major events in Southeast Asia like Lazada’s 11.11 sale. However, Singles’ Day remains unmatched in scale, a testament to China’s digital economy strength and the platform’s ability to drive consumer engagement at unprecedented levels.
In 2023, data from Syntun estimated that Singles’ Day sales across major platforms totaled 1.14 trillion yuan, marking a 2.08% increase from 2022. While third-party estimates for 2024’s sales have yet to be released, early indications suggest more modest growth in light of China’s current economic conditions.
As Singles’ Day continues to evolve, its role in the Chinese economy remains significant, albeit tempered by changing economic conditions and consumer preferences. Analysts note that while the festival is still a major driver of sales, it is unlikely to see the double-digit growth rates that defined its earlier years. The increasing focus on household necessities and smaller discretionary items signals a shift towards practical, cost-effective consumer spending in an uncertain economic landscape.
The trend toward conservative spending may ultimately affect how Singles’ Day is structured in future years. E-commerce platforms may continue experimenting with longer sales periods, alternative discounts, and exclusive product offerings to maintain consumer interest. Despite these challenges, industry experts expect Singles’ Day to retain its influence as a barometer for consumer sentiment in China, providing critical insights for both domestic and international brands seeking to engage with Chinese consumers.
