Demand for vitamins, baby formula and A2 milk has put Australia at the top of the overseas markets selling in China at this year’s Singles Day shopping bonuses, which produced a record-breaking $ 103 billion record.
The annual event regularly draws tens of billions of dollars to Alibaba and other e-commerce and retail companies in China.
This year, it takes on a new meaning as a reflection of the country’s success in the fight against the COVD-19 epidemic.
Alibaba on Thursday said the annual sales turmoil broke records again, bringing in 498.2 billion yuan. The total includes a previous three-day period extended to increase post-epidemic sales.
Compared to the same period over the same period last year, this year’s pull shows an increase of 26 percent, the company said.
“China’s economy has seen a dramatic recovery and the behavior of Chinese consumers has returned to a level that has been worsening, if not more,” said Xiaofeng Wang, an analyst with market research firm Forrester.
More than 800 million customers participated and during the event, 583,000 orders were made every second.
More than 250,000 brands participated in the event, including 31,000 overseas who showed interest in this year’s event.
The United States has topped the overseas market but Australia is ranked in the top five with Canada, France, Germany, Italy and Japan.
More than 470 products exceed $ 20.5 million in sales including Adidas, Apple, Estee Lauder, L’Oreal, Lancome and Nike.
In Australia, products such as Blackmores Vitamin, Bubs baby formula, A2 milk and fashion retailer Netaporter were in high demand by Chinese consumers.
“We are very pleased with the results from the sale of Singles Day / Double 11 which shows the high demand for our products in China,” a Blackmores spokesman told nine.com.au.
“On Singles Day we have launched our new range of products for modern Chinese women in leading stores including the Alibaba, JD, Kaola, VIP and Chemist Warehouse network”.
China reported positive economic growth for the second consecutive month, describing how the world’s second-largest economy has recovered from the epidemic.
For traders and retailers struggling to recover from the months of closed stores and in-house buyers, China’s lucrative consumer is a much-needed light source.
Many companies are “doubling” at their Singles Day sales events, according to Wang.
A study by market research firm Oliver Wyman found that 86 percent of Chinese consumers are willing to spend the same amount or more than they did during Singles Day last year.
Chinese consumers “continue to waste like crazy,” said Oliver Wyman’s colleague Jacques Penhirin, who led the study.
The remaining 14 percent of respondents said they would spend less money on Singles Day, because the epidemic had brought them so much uncertainty.
Mr Penhirin predicted that the event would be great for participants and participating retailers, as consumers use it as an opportunity to treat themselves.
It has been an unusual year for Chinese consumers. They saved money during the closure in an unprecedented way at the beginning of the year, but they are not traveling, said Mr Penhirin.
So consumers are drawn to Sunles Day with a sense of indulgence. For example, a buyer who regularly buys Maybelline cosmetics, said, instead would spend more money on Yves Saint Laurent items for sale.
“Now is the time to indulge,” said Mr Penhirin.
Singles Day collects a lot more sales than Black Friday and Cyber Monday combined.
The event – also known as Double 11 – is marked by an informal Chinese holiday, which combines Valentine’s Day celebrating people who are not in a relationship. It happens on November 11, the date chosen because it is listed as four people, or one.
Alibaba started offering Singles Day discounts in 2009 and has since turned the event into an online shopping bonus.
The event has also received an attraction outside of China: Lazada South Alibaba South Lazada offers Double 11 discounts in Singapore, Malaysia, Indonesia, Thailand and Vietnam.