From Oct. 23 through the close of Nov. 11, Xiaomi reported the sale of products worth over 22.4 billion yuan ($3.11 billion) across a multitude of platforms, including Alibaba's Tmall and Taobao, JD.com, Pinduoduo, and Douyin. Despite a decrease for a second consecutive year, neither Alibaba nor JD.com gave the public a total figure of sales from Singles Day. GMV from livestreaming increased 19% for this year's festival, as estimated by data company Syntun and Morningstar senior equity analyst Chelsey Tam.
Xiaomi saw record sales during this year's Singles Day shopping festival, claiming a total of 22.4 billion yuan ($3.11 billion) in purchases over platforms like Alibaba's Tmall and Taobao, JD.com, Pinduoduo, and Douyin. Consequently, the company's shares in Hong Kong were briefly up by more than 2%. All the while, domestic shares of Alibaba and JD.com retreated from earlier advances. For the 2nd consecutive year, the prominent online shopping websites refrained from providing a total of the festival's figures. However, JD.com did state that both transaction and order volume hit record highs, while Alibaba noted that gross merchandise value, order numbers, and participating merchants all increased from year-ago levels. GMV is a measure of sales over a period of time.
JD reported that Apple product transaction volume was 10 billion yuan ($1.39 billion) over the same period as 2021's Singles Day results. By contrast, Lululemon saw a 260% transaction increase from the same event a year ago. While Alibaba didn't share specific sales figures, Xiaomi's new Xiaomi 14 was the top-selling phone on Tmall during the period from Nov 4 to 11. HSBC analysts noted that the strong performance of the Mi14 may result in higher than expected shipment forecasts. Thus, their report increased the expected 2023 shipments by 7% to 150 million units and 2024 shipments by 6% to 160 million units.
For the past 10 years, Singles Day has grown from a single-day shopping spree to an extended period of promotional shopping events on various e-commerce platforms in China. Despite the ongoing COVID-19 pandemic, Alibaba reported that the total sales for Singles Day 2020 were equivalent to the $84.54 billion generated in 2019. China’s retail sales have been adversely impacted due to ongoing financial concerns. According to a study conducted by Bain and Company, 77% of Chinese consumers did not plan to boost their spending for the 2021 Singles Day shopping festival.
Live streaming and short video clips on platforms ranging from Alibaba's Taobao to ByteDance's Douyin have been a consistently growing sales channel.Analyzing data from Syntun and Morningstar's senior equity analyst Chelsey Tam, GMV for livestreaming increased by 19% during this year's shopping period.Syntun's report states that Tmall constituted the majority of the sales with a 60% share, while JD held 28% and Pinduoduo 7% of the 'comprehensive e-commerce platforms' category.Kuaishou, a short video and streaming service, reported an impressive 50% growth in orders during the Singles Day campaign.We may soon be getting more insights into the overall Singles Day results as well as the changing Chinese consumer trends through upcoming company earnings calls, with JD.com set to release its quarterly figures tomorrow night and Alibaba's to follow on the evening of Thursday Beijing time.
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