This year’s Singles’ Day, once a one-day discount blitz launched by Alibaba, has morphed into a multiweek retail spectacle that now spans China’s largest e-commerce platforms—from Alibaba’s Taobao and Tmall to JD.com and Pinduoduo. Seen by many as a pulse check on consumer confidence and economic conditions, Singles’ Day 2024 reflected both sustained growth and cautious spending as economic uncertainties lingered in China.
On Alibaba’s platforms, the results were mixed but record-breaking for some. A total of 589 brands surpassed RMB 100 million (USD 14 million) in gross merchandise value (GMV), up from 402 brands last year. Heavyweights like Apple, Haier, and Nike each notched over RMB 1 billion (USD 140 million) in GMV, fueled largely by high-spending members of Alibaba’s 88VIP loyalty program. These 88VIP members, whose spending averages nine times that of regular shoppers, showed heightened engagement, with participation increasing by 50% from the previous year.
Bo Liu, Alibaba’s vice president and president of Tmall, credited the results to a mix of improved user experience and enhanced merchant support amid a tricky economic backdrop. “88VIP members, who have the greatest consumption power on our platform, served as a key growth driver for brands during the event, while the enthusiasm shown by the younger generation of consumers was also highly encouraging,” said Liu.
JD.com leaned into logistics and live streaming to prepare for this year’s sales surge. The platform enhanced its distribution network, adding new services for remote areas that now cover nearly 300 townships in Xinjiang, Sichuan, and Guizhou. With a workforce of 340,000 couriers, JD handled the uptick in demand for large appliances like energy-efficient refrigerators and smart home systems, especially in rural areas where installation services are a key value-add.
Live streaming continued to gain traction as a sales channel. JD Live recorded nearly fourfold growth in orders from 2023, with thousands of small brands experiencing a fivefold increase in transaction volume. JD also launched themed bundles on its JD Super supermarket platform, enticing shoppers with discounts on essentials like cleaning supplies and food staples—a shift towards affordability-focused strategies that matched the cautious economic climate.
Core categories—home appliances, consumer electronics, beauty and apparel—remained strong across platforms, supported by government subsidies and promotional discounts. However, emerging categories, notably designer toys, sportswear, and collectibles, captured the attention of younger shoppers. Millennials and Generation Z consumers helped several brands in these niches break through the RMB 100 million GMV barrier, signaling a shift toward more personalized, lifestyle-focused purchases.
Alibaba noted that, while demand for traditional categories stayed resilient, evolving consumer lifestyles are creating fresh opportunities in smaller, high-engagement categories. Active lifestyle brands, for instance, are seeing a surge as younger consumers embrace health and outdoor pursuits—a trend spurred by lifestyle changes post-pandemic.
Though sales figures climbed, a tempered consumer sentiment loomed over this year’s festival. Some shoppers told AP that they felt skeptical toward the event’s discounts, saying promotions feel less compelling than in years past. “They’re all tricks, and we’ve seen through it over the years,” said Wang Haihua, a Beijing resident who scaled back her spending to essentials this year. Such sentiments hint at a growing pragmatism among Chinese consumers as the country’s economic challenges deepen.
Shaun Rein, founder of the China Market Research Group in Shanghai, told AP the event’s double-digit growth era may be winding down as shoppers increasingly see Singles’ Day as just another sale rather than an unmissable opportunity. Rein said, “Since October 2022, the weak economy means that everything has been on discount year-round—[Singles’ Day] is not going to bring in more discounts than the month before.”
With domestic spending under pressure, Alibaba and JD.com are looking overseas to drive future growth. Alibaba’s Alizila blog reported that 70,000 merchants leveraged global shipping promotions, doubling their sales to international customers. This push was especially successful in markets like Singapore and Hong Kong, where new customer registrations also doubled.
JD.com ramped up efforts on its European retail platform, Ochama, which saw strong demand for electronics and home appliances. JD Worldwide, focused on imported goods, revealed that 70% of its food sales consisted of new products, underscoring a strong appetite for novel imports this year.
Singles’ Day 2024 highlighted both opportunities and constraints for China’s e-commerce landscape. While major platforms posted strong sales in core categories and expanded internationally, underlying economic concerns weighed on consumer sentiment. As China’s economy adjusts, Singles’ Day remains a crucial barometer for domestic consumer confidence yet is increasingly pressured to deliver on the global stage as e-commerce giants cast their eyes abroad for growth.