{"id":6323,"date":"2020-11-12T12:44:05","date_gmt":"2020-11-12T12:44:05","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=6323"},"modified":"2021-07-19T03:47:23","modified_gmt":"2021-07-19T03:47:23","slug":"singles-day-breaks-records-again","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/singles-day-breaks-records-again\/","title":{"rendered":"Singles Day breaks records \u2013 again \u2013 thanks to luxury sales"},"content":{"rendered":"

China’s now-famous Singles Day sales, held on November 11th<\/sup> (11.11), has become a lifeline for overseas brands in the midst of the pandemic, writes Demi Peng<\/h2>\n

The volume of sales on Singles Day has grown year on year as shoppers learn to hold out for the shopping festival\u2019s sizeable discounts and retailers offer bigger promotions and exclusive or limited edition products. In 2019, shoppers ordered 1.9 billion products, and this year three million workers shipped an incredible 2.321 billion products around the country.<\/p>\n

This year, a new term was coined \u2013 revenge spending \u2013 as shoppers whose spending had been curtailed by Covid splurged online with a vengeance.<\/p>\n

\"Launchpad<\/a><\/p>\n

Singles Day is no longer confined to a single day either. The e-commerce<\/a> shopping festival kicked off as early as the 21st<\/sup> of October this year, with over 800 million Chinese consumers snapping up offers worth more than \u00a356 billion at the time of going to press.<\/p>\n

A remarkable 31,766 brands from overseas are participating in the even, with 474 of those brands already reaching sales of RMB 100 million.<\/p>\n

\u201cA China strategy \u2013 and a digital strategy \u2013 are going to be absolutely critical for success in the future,\u201d says Alibaba President Michael Evans. \u201cToday\u2019s businesses need both a China strategy and a digital strategy to succeed, particularly in the face of the challenges posed by the pandemic.\u201d<\/p>\n