China’s Singles Day sales festival wraps up with e-commerce giants reporting sales growth

Bain saw shoppers spending on necessities such as tissues, handwash, instant noodles and pet food, while at the same time trading down and buying less in discretionary or big-ticket categories such as home appliances and furniture, Reuters reported.

Last year, the total value of goods sold during the shopping bonanza totaled 1.15 trillion yuan ($157.97 billion), according to Bain.

Though several consultancies were predicting Singles Day GMV growth across platforms would reach anywhere from 14% to 18% – returning to double-digit growth for the first time since the pandemic – the final sales picture will take longer to energy.

These GMV figures take into account the value of all orders placed, and will not capture the amount that will be returned later. Analysts and industry executives expect return rates to be high this year as consumers buy more in order to obtain larger discounts on checkout, only to return the items they don’t need.

Items related to health and wellness and outdoor lifestyles were expected to outperform, with global brands such as Nike and Lululemon expected to sell well. Alibaba reported that sales of road bikes jumped 300% during the first hour of sales.

Colour cosmetics, traditionally a strong performer throughout the Singles Day sales period, were expected to struggle this year as make-up demand remains low almost a year after China lifted strict COVID-19 restrictions.