Transaction volumes of scores of domestic brands reach new highs across the country’s e-commerce platforms during the “Double 11” shopping festival, highlighting robust recovery of Chinese consumption in the post-COVID era.
The data provided by domestic e-commerce giant Tmall to the Global Times on Saturday reveals that, as of midnight Friday, 402 brands recorded transactions surpassing 1 billion yuan ($140 million). The transaction of a total of 38,600 brands exhibited a remarkable year-on-year growth of over 100 percent.
The overall strong sales momentum of domestic e-commerce platforms shows an optimistic outlook for a consumer recovery in China in the fourth quarter, Zhang Yi, CEO of the iiMedia Research Institute, told the Global Times on Saturday.
Both domestic and international brands demonstrated strong sales performance, spanning a wide range of categories from sportswear to home appliances. In particular, 243 domestic brands enter the “Tmall Double 11 billion yuan club” this year.
“Double 11,” also known as Singles’ Day, was previously a one-day online shopping festival that falls each year on November 11 in China. Over time, the event has been extended to several weeks.
Leading up to this year’s “Double 11” festival, brands initiated early promotions starting in late October. After 8pm on October 31, transactions for 155 brands, including Apple, Haier, Midea, Huawei, L’Oréal and Nike, rapidly surpassed the 1 billion yuan mark.
Notably, first-hour transactions of 71,900 brands exceeded the total sales volume of the entire day of Double 11 last year.
The livestreaming rooms of 38 brands surpassed the billion-yuan mark. Livestreaming rooms for 451 stores witnessed transactions of tens of millions of yuan, according to Tmall data.
New brands are making a significant impact across various channels. The “Double 11” shopping festival saw 13 new brands reaching transactions exceeding 1 billion yuan and an impressive 243 brands surpassing the tens of millions milestone.
A successful consumer extravaganza is inseparable from high-quality products at affordable prices to consumers, said Ao Wen, president of Taotian Groups Brand Business Development Center.
Another domestic e-commerce giant JD.com also saw a record growth during the annual shopping spree.
According to data sent to the Global Times by JD.com on Saturday, during the Media Open Day for the “Double 11” Shopping Festival on Saturday, JD.com announced that the cumulative audience for JD’s livestreaming sales exceeded 320 million.
This year’s shopping festival has seen about 300 brands achieve sales exceeding 100 million yuan on JD.com. New merchants are experiencing more than a fivefold increase in transaction volume compared to the same period in October.
The rapid increase in new brands and innovative products is the biggest change in economic landscape following the pandemic. Domestic brands, especially those established by young people, are now demonstrating a growing momentum when it comes to innovation, Zhang Yi said.
