Frank Tong says, “Chinese consumers show their huge purchasing power in online shopping during the annual Singles’ Day event.

A 24-hour shopping extravaganza has ended in China, and online consumers spent 91.217 billion yuan ($14.32 billion) on online marketplaces operated by Alibaba Group Holding Ltd. That’s up 54% up from $9.30 billion sales on the same date last year.

Even more impressive is that Singles’ Day sales exceeded average Chinese daily retail sales. On average this year, Chinese consumers spend 80.38 billion yuan ($12.63 billion) a day on retail goods, according to Chinese government data.

“What Alibaba did different this year is that it offered new products and fresh shopping experiences, not just relying on deep discounts,” Qiu Han, a business school professor with an Alibaba educational organization, tells Internet Retailer“.

Alibaba’s Singles’ Day sales of $14 billion overtake China’s average daily retail sales

Internet Retailer

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