Alibaba Group's retail divisions in China, Taobao, and Tmall, reported significant growth in Gross Merchandise Volume (GMV) and a record-breaking number of active buyers during the 16th annual 11.11 Shopping Festival.
Launched in 2009, the 11.11 Shopping Festival began with the participation of just 27 merchants, aimed at educating both merchants and consumers about the advantages of online shopping.
As of midnight on November 11, there was a remarkable 50% year-over-year increase in the number of 88VIP members placing orders.
By that same timestamp, 66 apparel brands and 79 beauty brands exceeded RMB 100 million in GMV, alongside 34 consumer electronics brands.
The emerging consumer demand proved instrumental, as, by 4:00 p.m. on November 11, four designer and collectible toy brands surpassed RMB 100 million in GMV. Similarly, 34 sports and outdoor brands achieved the same milestone by midnight.
Data from the 2024 11.11 Shopping Festival reveals a notable milestone, with 589 brands surpassing RMB 100 million in GMV, an increase from 402 brands the previous year. Furthermore, 45 brands exceeded RMB 1 billion in GMV, featuring prominent names such as Apple, Haier, Midea, Xiaomi, Nike, and Wuliangye.
