In the recent Singles’ Day shopping extravaganza, which shattered records by generating a massive $116 billion in merchandise volume, it was revealed that the United States emerged as the top seller of goods to China. Singles’ Day, known as the world’s largest one-day sales event, surpassed the sales numbers of Black Friday and Cyber Monday in the United States. This year, the event expanded to multiple days, with Alibaba and offering exciting promotions, signaling China’s recovering post-virus economy.

The COVID-19 pandemic and resulting travel restrictions played a significant role in driving customers to take advantage of the shopping frenzy. Unable to shop abroad, consumers eagerly seized the opportunity to snag deals from renowned brands like Huawei Technologies Co Ltd and Fast Retailing Co Ltd’s Uniqlo. Alibaba recorded a staggering gross merchandise volume (GMV) of 498.2 billion yuan ($75.28 billion), while saw 271.5 billion yuan in GMV. Best-selling products included Apple Inc iPhones, L’Oreal SA’s Lancôme toner, and 60-inch smart LCD TVs from Sharp Corp.

Alibaba’s promotions were spread across two windows from November 1, but the GMV was calculated over an 11-day period. On the other hand, offered deals from November 1 to November 11. However, the success of the event was overshadowed by news that China intended to propose anti-monopoly rules for internet platforms. This announcement caused Alibaba’s Hong Kong-listed stock to plummet by another 10% after it had already suffered losses when regulators canceled the listing of fintech affiliate Ant Group. Nevertheless, the stock managed to recover slightly, gaining 3% by midday Thursday.

In addition to the United States, other top-selling countries this year included Australia, Germany, Japan, and South Korea, as reported by Alibaba. Over 470 companies achieved more than 100 million yuan in GMV. This displays significant growth compared to last year, where Alibaba had only mentioned Japan and the United States as the leading sellers. Last year, Alibaba recorded a GMV of $38.4 billion in a single day and reported that 299 brands surpassed 100 million yuan in GMV, including Nestle SA and Under Armour Inc.

Useful links:
1. Alibaba Group