What: Alibaba, JD.com, and Xiaomi reported strong growth in sales and buyer participation during the 2024 Singles' Day event, despite China's economic slowdown.

Why it is important: The robust performance during Singles' Day suggests that consumer confidence may be stabilising, although some analysts caution that extended promotions and return incentives may have inflated the figures. This event remains a key indicator of consumer spending trends in China.

Alibaba, JD.com, and Xiaomi reported significant growth during the 2024 Singles' Day shopping event, with Alibaba noting a 50% increase in orders from its 88VIP members and JD.com seeing a 20% rise in customer numbers. Xiaomi also achieved record sales of CNY 31.9 billion (USD 4.4 billion). Data provider Syntun estimated that total sales across major e-commerce platforms reached CNY 1.44 trillion (USD 200 billion), a 26.6% increase from the previous year. Despite these positive numbers, analysts remain cautious about declaring a full recovery in consumer confidence, citing China's broader economic challenges, including a real estate crisis and muted macroeconomic growth. Additionally, some spending may have been artificially boosted by extended promotions and return incentives. Nonetheless, the success of Singles' Day highlights the resilience of China's e-commerce sector amid economic uncertainty.

China’s Singles' Day sees surge in volumes and number of buyers despite economic woes