This year's Singles' Day in China saw a modest increase, according to "mid-term" data. The 2024 trade promotion started in mid-October, and by 30 October the
gross merchandise volume (GVM) had already reached 845 billion yuan ($119 billion). The vast majority of the sales were online. Analysts expect growth this year to reach 15 percent. This is down from around 30 percent before the coronavirus epidemic, but still above the 11 percent growth in 2023. Other estimates point to a more modest growth of 4-5 percent.
This is broadly in line with preliminary expectations. In a poll in early October, most shoppers said they would spend about the same as in previous years, with a quarter promising to spend more.
Even so, more than 12,000 companies' sales doubled compared to last year, and 6,000 increased fivefold, according to China Daily. According to Alibaba, after just four hours on the very first day, sales of 174 brands exceeded 100 million yuan ($14 million).
As an example, sales of Apple products on the Tmall e-commerce platform exceeded one billion yuan after the first five minutes. Sales of Chinese manufacturers Huawei, Xiaomi, and Vivo also reached 100 million yuan after just four hours.
Experts interviewed in the article pointed out that buying habits have also changed in recent years. Chinese consumers are now more conscious and rational, looking for quality, so the gross retail value is no longer as important.
One of China's leading e-commerce companies, JD, also confirmed double-digit growth between 14 and 31 October. They report record sales in electronics and household goods.
CNBC's analysis notes that collectible toys seem to have dominated this year's trend. British toy manufacturer Jellycat, for example, launched 7,000 plush dogs for $50, which sold out in literally seconds.
The article adds that, despite the figures, this year has undoubtedly been a "calmer" year, with no buying frenzy. The US Associated Press in Beijing also reported that the usual rush was not happening this year, with several retailers staying away from the action because it was not worth it to them.
The two biggest e-commerce companies, Alibaba and JD, promised to release more detailed sales figures after 14 November.
