It was tipped to break the record and Alibaba’s 2020 Singles Day on 11 November smashed it out of the ball park.
The world’s second biggest economy, tipped to be the best in 2020, shows strong signs of health as a staggering US$74.1 billion in gross merchandise volume was transacted.
Upmarket jewellers Cartier hosted its first live-streamed show on Taobao Live, showcasing a US$28.3 million necklace to an audience of almost 800,000 people. Other luxury stores debuting were Prada, Vacheron Constantin, Piaget, Balenciaga, Kenzo and Chloe.
The jewellery category saw the fastest growth, exceeding the category’s total sales from last year in just 30 minutes, both on Tmall Luxury Pavilion and other Alibaba platforms.
This year, the event featured two shopping windows, the first from 1 to 3 November and the second for 24 hours on Singles Day, November 11, to offer more opportunities for brands and merchants to extend deals to consumers.
Total gross merchandise volume for the event was calculated …