Alibaba and JD.com Hit $115 Billion in Record Singles Day Sales
Chinese e-commerce giants Alibaba and JD.com generate around $115 billion in combined sales during an extended 11-day Singles Day shopping event. The record-breaking figures highlight a strong economic recovery in China despite looming regulatory concerns.
Chinese e-commerce giants Alibaba and JD.com generate approximately $115 billion in combined sales during this year's Singles Day shopping event, setting new records for both companies. The shopping festival, also known as Double 11, runs from November 1 to midnight on November 12 rather than its traditional 24-hour window. Alibaba reports a gross merchandise value (GMV) of 498.2 billion yuan, or $74.1 billion, which nearly doubles last year's figure.
JD.com also experiences significant growth, with its transaction volume reaching 271.5 billion yuan, or roughly $41 billion, surpassing its 2019 numbers. The record sales occur as the Chinese economy shows strong signs of recovery following the country's success in broadly controlling the coronavirus pandemic. This extended shopping period allows consumers to shop at a more relaxed pace, contributing to the massive overall totals.
Foreign brands play a major role in this year's event, as Chinese shoppers who normally travel abroad to buy international products instead purchase them domestically due to pandemic restrictions. Alibaba notes that 31,000 overseas brands participate, with the United States topping the list for foreign sales by GMV. However, these impressive sales numbers are somewhat overshadowed by recent stock price drops for both companies, which stem from investor concerns over new draft regulations targeting anti-competitive behavior in China's technology sector.