London Daily

Focus on the big picture.
Thursday, Oct 22, 2026

Singles Day: Alibaba sales blitz rakes in $75 billion as Chinese shake off Covid-19

Singles Day: Alibaba sales blitz rakes in $75 billion as Chinese shake off Covid-19

China's annual Singles Day online shopping bonanza regularly hauls in tens of billions of dollars for Alibaba (BABA) and other e-commerce and retail companies in China. This year, it's taking on new meaning as a showcase for the country's success in battling the Covid-19 pandemic.

The event already appears to be on pace to break records again: Alibaba said early Wednesday morning that the annual sales frenzy has so far pulled in 372.3 billion yuan ($56.3 billion). The total includes the first 30 minutes of the event, along with an earlier three-day period that was added to boost post-pandemic sales.

With those added days, Alibaba has already beaten the record haul it brought in over its 24-hour Singles Day period last year. It sold 268.4 billion yuan ($40.5 billion) worth of goods during the 2019 event, growing 25% year-on-year.

"China's economy has seen a strong recovery and Chinese consumers' purchase behaviors have already returned to pre-pandemic levels, if not higher," according to Xiaofeng Wang, analyst with market research firm Forrester.

China reported positive economic growth for the second quarter in a row last month, underlining how quickly the world's second-largest economy has recovered from the pandemic.

For brands and retailers scrambling to recover from months of shuttered shops and consumers hunkered down indoors, the lucrative Chinese shopper is a much-needed bright spot. Many companies "are doubling down" on their Singles Day sales events, according to Wang.

A survey from market research firm Oliver Wyman found that 86% of Chinese consumers are willing to spend the same as or more than what they did during last year's Singles Day.

Chinese shoppers "continue to spend like crazy," said Oliver Wyman partner Jacques Penhirin, who led the survey.

The remaining 14% of survey respondents said they will spend less on Singles Day, because the pandemic had brought too much uncertainty for them.

Penhirin predicted the event would be massive for participating brands and retailers, because shoppers are using it as an opportunity to treat themselves.

It's been a strange year for Chinese consumers. They saved money during an unpredecented lockdown earlier this year, but they aren't traveling, said Penhirin.

So shoppers are approaching Singles Day with an indulgent mindset. For example, a shopper who usually buys Maybelline makeup, he said, might instead spend a bit more to buy stuff from Yves Saint Laurent on sale.

"Now it's time to be indulgent," Penhirin said.

Glitzy stars and blockbuster growth


Singles Day regularly racks up bigger sales than Black Friday and Cyber Monday combined.

The event — also known as Double 11 — is pegged to China's informal, anti-Valentine's Day holiday that celebrates people who aren't in relationships. It takes place on November 11, a date that was chosen because it is written as four ones, or singles.

Alibaba started offering Singles Day discounts in 2009 and has since turned the event into a bonanza of online shopping.

Other Chinese e-commerce platforms like JD.com (JD), Pinduoduo (PDD) and Red, as well as regular brick-and-mortar stores also take part. Rival JD.com's event lasts almost two weeks — longer than Alibaba's.

The event has also gained traction outside China: Alibaba's Southeast Asia subsidiary Lazada offers Double 11 discounts in Singapore, Malaysia, Indonesia, Thailand and Vietnam.

In China, Alibaba once again held a glitzy live concert counting down the hours until the main sales day starts. Celebrities often make appearances at the so-called 11.11 Gala, usually to hawk their own brands and products.

Last year's headline performer was singer Taylor Swift. This year, it's Katy Perry, who was virtually piped into a Shanghai arena late Tuesday evening.

This year, the company added an extra three days of sales — which took place from November 1 through 3 — because of the pandemic, according to Alicia Yap, managing director at Citigroup Global Markets Asia.

A few more days of huge discounts help "brands or merchants recoup lost sales during the lockdown and [helps] global brands gain access to the stronger demand from Chinese consumers," Yap wrote in a note last week.

Citigroup forecast Alibaba's Double 11 haul could grow up to 46% year-on-year to 393 billion yuan ($59.4 billion). Excluding the extra three days, Citi said sales could grow up to 24% to 333 billion yuan ($50.3 billion).

The analysts estimate that JD's Singles Day sales could hit 276 billion yuan ($41.7 billion), representing 35% growth over last year.

Trends for this unprecedented year


Livestreaming is expected to be a "key growth driver," for this year's Double 11, said Wang, of Forrester.

Livestreaming had been around in China for years, but really took off during lockdown.

It's like the Shopping Channel or QVC on steroids: Shoppers tune in to watch influencers peddling everything from cars to mangoes, and can score big discounts during the live streams.

Wang also expects luxury goods will sell really well, because Chinese usually buy them while traveling overseas.

"When pandemic makes international travel impossible, consumers will pivot these purchases domestically and particularly online," she said. "That's also why it's the first year that luxury brands are heavily involved in Singles Day."

Oliver Wyman found that while foreign brands continue to dominate popular Singles Day categories such as cosmetics and infant formula, a growing number of Chinese shoppers will buy local brands of products like electronics and smartphones this year.

"It's not patriotism ... it's just the technology, design and quality are better, therefore there is just more confidence" in Chinese brands, Penhirin said.

Another reason Chinese are buying local is because some remain cost conscious post-pandemic, according to analysts at consultancy Bain & Company.

Shoppers, for example, may view Apple's (AAPL) iPhone as too expensive, and instead buy slightly cheaper devices from Huawei or Xiaomi that they believe are comparable in design and technology.

Alibaba's Jack Ma out of favor with Beijing


There's an added shadow over the event for Alibaba and its billionaire founder Jack Ma. Last week, Chinese regulators slammed the brakes on the highly anticipated IPO of Ant Group, Alibaba's financial affiliate, at the eleventh hour. Regulators cited "major issues" that might cause Ant "not to meet the listing conditions or disclosure requirements."

Ma publicly criticized Chinese regulators for stifling innovation, which industry watchers noted may have also played a role in the IPO getting pulled.

Even though many other online platforms and stores take part in Singles Day, it is still closely tied to Alibaba. And recent criticism of the annual event by government groups and state media could signal that Ma is still out of favor with Beijing.

The Chinese government has said it is eager to stimulate domestic consumption to spur the country's economic growth. And yet the China Consumers Association, a state-backed national consumer rights group, urged for "rational consumption" during the upcoming Double 11 shopping season, according to statements it issued last week.

State-run news network CCTV called for "fewer tricks" by shopping platforms during the Singles Day shopping season, saying they should not cheat consumers.

But a spat between a tech billionaire and Beijing regulators likely won't affect how Chinese consumers shop, according to Penhirin of Oliver Wyman.

"Consumers don't care, honestly," he said, adding that while financial markets might be paying attention to the drama, consumers will think that "as long as I get a good deal, it's none of my business."

Newsletter

Related Articles

0:00
0:00
Close
Parliamentary Inquiry Highlights Urgent Need to Address Housing Shortage as Scottish Completions Hit Eleven-Year Low
United Kingdom and Singapore Sign Comprehensive Financial Agreement to Deepen Digital and Sustainable Market Ties
Greggs Announces Plan to Close Four Manufacturing Facilities and Cut Seven Hundred and Forty Jobs
International Monetary Fund Raises United Kingdom Economic Growth Forecast While Warning of Inflationary Pressures
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs Onto Gas to Lower Household Bills
Housebuilding Across Scotland Plummets to Eleven-Year Low Despite Government Pledges to Tackle National Housing Emergency
Greggs Announces Factory Closures Across Northern England and Scotland Affecting Seven Hundred Forty Jobs
United Kingdom and Singapore Conclude Eleventh Financial Dialogue in Singapore to Deepen Cooperation on Digital Finance and Capital Markets
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs to Gas Bills and Tap Windfall Profits to Lower Consumer Prices
British Broadcasting Corporation Announces Major Cost-Cutting Overhaul to Close Linear Broadcast Services for Television Channels BBC Three and BBC Scotland Alongside Digital Radio Station BBC Radio Four Extra
London Capital Markets Face Renewed Scrutiny After High-Profile Offerings Underperform Post-Listing
Green Party Wins Historic First Westminster Parliamentary By-Election in Gorton and Denton
Environment Secretary Emma Reynolds Unveils Sweeping Regulatory Overhaul for English Water Industry
United Kingdom Health Security Agency Confirms Thirty-Four Cases in Kent Meningitis Outbreak
Ministry of Defence Prepares Heat Pump Subsidy Cuts to Fund Urgent Military Modernization
British and European Union Officials Schedule Long-Awaited Bilateral Leaders Summit for November Twentieth
Bank of England Governor Andrew Bailey Urges Strict Fiscal Credibility to Protect British Bond Markets
United Kingdom Inflation Rises to Three Point One Percent Driven by Escalating Fuel Costs
Profit Warnings Among London-Listed Companies Reach Two-Year High Amid Global Energy Shocks
Chancellor John Healey Signals Targeted Tax Changes on Banks and London Corporate Offices Ahead of Budget
British Government Reallocates Twenty-Five Per Cent of International Climate Finance to Global Biodiversity Projects
Initial British Carbon Border Taxes Set to Undercut Parallel European Union Tariffs on Industrial Imports
Whitehall Prepares National Zero-Interest Loan Initiative to Accelerate Domestic Heat Pump and Solar Adoption
European Union Offers British Automakers Access to Hybrid Vehicle Trade Protections Subject to Strict Regulatory Alignment
British Probation Officers Threaten Widespread Industrial Action After Rejecting Five Per Cent Government Pay Offer
Microsoft Abandons Major British Artificial Intelligence Data Centre Citing Severe National Grid Power Constraints
United Kingdom Inflation Accelerates to Three Point Four Per Cent Ahead of Chancellor John Healey's Inaugural Autumn Budget
Surging Cloned Number Plates Severely Complicate Traffic Enforcement and Police Investigations
Mounting Opposition Challenges Planned Rollout of Autonomous Taxis Across London
Influential Think Tank Urges Rejoining European Union to Navigate Geopolitical Crises
Government Review Recommends Slashing Benefits to Fund Youth Employment Initiatives
Senior Minister Shabana Mahmood Seeks New Law Enforcement Pact With European Union
Airbus Executive Warns Britain Risks Losing Crucial Role in European Space Industry
Exorbitant Electricity Costs Push British Steelmakers to Worst Competitive Position in Three Years
British Food and Beverage Exports to European Union Collapse by Over a Third Since Brexit
Up to Twenty English Maternity Units Face Impending Closure Due to Safety and Staffing Crises
Government Declares Severe Drought Across Southern England Following Record Dry Spell
Corporate Profit Warnings Reach Two-Year High Amid Middle East Conflict and Rising Costs
International Monetary Fund Warns Chancellor John Healey Against Proposed Bank Tax Raid
Northern Ireland Secures Favorable Agricultural Export Agreement with European Union
Scottish Government Approves Major Offshore Floating Wind Farm Near Aberdeenshire
High Speed Two Rail Project Faces Three Billion Pound Cost Escalation on Initial Phase
National Health Service Warns of Winter Capacity Crisis Across English Hospitals
Tata Steel Confirms Two Thousand Job Cuts at Port Talbot to Fund Green Transition
Global Microchip Developer Announces Three Billion Pound Semiconductor Plant in Cambridge
United Kingdom Artificial Intelligence Safety Institute Proposes Mandatory Licensing for Generative Models
United Kingdom Commits Additional Long-Range Weapons and Air Defenses to Ukraine
British Chancellor Overhauls Infrastructure Financing to Bypass Borrowing Constraints
Bank of England Holds Benchmark Interest Rate at Four Point Five Percent
First Minister Rhun ap Iorwerth Confirms Constitutional Discussions Over Welsh Independence During Initial Bilateral Call with Prime Minister
×