What's the Double 11 in China and how does it compare to Black Friday?
26-11-2019
The Double 11 in China also named the Singles’ Day. If you think you know the Singles’ Day by the numbers, think again. Singles' Day has also evolved from a day of massive sales to one that merges both consumption and entertainment. November 11th 2019 Singles' Day Closing curtain, a total turnover of 268.4 billion yuan, Let the world marvel at the strength of the Chinese economy and the power of new consumption.
It took only 63 minutes and 59 seconds for Alibaba's sales for its annual Singles’ Day shopping blitz to hit 100 billion yuan ($14.3 billion). The first billion yuan was spent in the first 68 seconds.The Reuters news agency points out that more than $1 billion worth of goods sold in 1 minute and 36 seconds.China's one-day festival of consumption is likely to eclipse Thanksgiving, Black Friday and Cyber Monday — combined. Singles' Day is much bigger, not only the total turnover, but also the vitality injected into offline retail, as well as the leading technological capabilitiesAmerican companies are also getting in on the act. Nearly a quarter of US retailers plan to run promotions for Singles Day, according to Adobe, which surveyed more than 400 US retailers with annual sales in excess of $500,000.
According to the analysis, the new business record of 268.4 billion yuan announces the comprehensive arrival of the new consumption era. The new consumption is driving the deep reform of the commercial society, and it is also a new outlet for the digital business
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