Chinese consumers spend big on Singles' Day
  • Date:11 13,2013 09:17

Chinese consumers have geared up to snap up their favorite merchandise in the Double Eleven Shopping Festival in Tmall.com, which was launched by e-commerce giant Alibaba Group four years ago.

 

Latest data from Tmall showed that sales reached 6.7 billion yuan in the first hour of the Singles' Day shopping spree, with over 25 million transactions made.

The Nov 11 online shopping spree in the name of "Singles Day", a celebration for single people, has become China's most popular annual commercial event and created an e-commerce miracle.

Singles Day became 24 hours of crazy online shopping when Alibaba Group, operator of e-commerce platforms Taobao and Tmall, launched its first sales campaign on Nov 11, 2009.

Since then, Singles Day sales at Tmall snowballed from 50 million yuan in 2009 to 19.1 billion in 2012, and are expected to top 30 billion this year.

According to independent digital marketing data analysis company AdMaster, Chinese consumers will spend on average 1,800 yuan ($295) per person during Double Eleven Shopping Festival. Almost 40 percent respondents expect to spend more than 1,000 yuan on the day.

"The festival is not merely about a day or several days of online sales promotion. Brands should therefore effectively tie in marketing and sales by making use of insights from big data to fine-tune their marketing strategy as well as enhancing their sales conversion rate,"said AdMaster's CEO Vincent Yan.

In 2012, Tmall recorded transactions of 19.1 billion yuan on the day. This year's Singles' Day sales are expected to exceed 30 billion yuan, with a possibility to reach 45 billion yuan, according to Tmall.

In 2012, China's e-commerce industry was worth 8.1 trillion yuan, with online shopping contributing 1.3 trillion yuan, according to the Ministry of Commerce. More than 2.2 million Chinese worked for the country's rapidly expanding e-commerce industry as of June, People's Daily reported.

Tianjin FDI
美洲部
  • Americas@zhaoshang.net
  • +86-21-68911976
  • tjfdiAmericas
欧洲部
  • European@zhaoshang.net
  • +86-21-68911976
  • tjfdiEuropean
亚洲部
  • Asian@zhaoshang.net
  • +86-21-68911976
  • tjAsian
Featured Posts