_edited.jpg)
Double Eleven, the world's largest shopping event was unaffected by strict lockdowns and COVID outbreaks which defined 2022
The festival, held from end of October to November 11th every year (11/11), achieved cumulative sales of 1,115.4 billion RMB (147,2 billion EUR), according to Syntun (星图数据), a data provider monitoring Double 11 sales data. As expected, Tmall (天猫) ranked first with 540.3 billion RMB (71.3 billion EUR), no change in sales compared to the last year, followed by JD (京东) who reported a new record without specifying the amount (last year it was 349.1 billion RMB, which is 46.2 billion EUR).
The concept of Singles' Day originated in the 1990s as a celebration for young people who were single. The date, 11/11, was chosen because the number "1" resembles an individual who is alone. In 2009, the e-commerce giant Alibaba Group turned this holiday into a shopping festival.
The Double Eleven shopping festival (双11购物狂欢节) has grown significantly over the years and became the world's largest online shopping event. It is no longer limited to Alibaba's platforms, Tmall and Taobao (淘宝), but includes other e-commerce companies such as JD.com, Pinduoduo (拼多多), and Suning (苏宁购物). In fact, in recent years, the competition between the companies has become intense, with each vying for a larger share of the market. During the festival, consumers can expect to find steep discounts on a wide range of products, including electronics, clothing, beauty products, and household items. To attract more customers, e-commerce platforms use various marketing strategies such as live-streaming events, celebrity endorsements, and gamification. The Double Eleven shopping festival not only provides a boost to China's retail industry but also has a significant impact on the global economy. As China's middle class continues to grow, the festival presents an opportunity for businesses to tap into this market and expand their reach.
Sources China Internet Watch, 百度百科，星图数据, Ask AI