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Chinese shoppers spend over $100 billion in shopping fest
Chinese consumers spent over a hundred billion dollars during this year’s Singles’ Day shopping festival, signaling a rebound in consumption as China recovers from the coronavirus pandemic and a battering of the economy.
From November 1 to November 11, shoppers spent 498.2 billion yuan ($75.1 billion) on Taobao and Tmall, the e-commerce platforms operated by Alibaba, China’s largest e-commerce company.
The final sales figure exceeded last year’s $38.4 billion over 24 hours, after Alibaba extended its sales period this year for the first time as it sought to help boost sales for merchants affected by the coronavirus pandemic.
On rival platform JD.com, consumers racked up 271.5 billion yuan ($40.9 billion) in sales over the same period.
The annual Singles’ Day shopping festival, the world’s largest of its kind, offers shoppers generous discounts on a variety of products, from fresh produce to luxury items.