Takehome:

Single’s day (analogous to America’s Black Friday) is often used as a surrogate marker to assess growth in China’s ecommerce sector. This year Single’s day broke all records with turnover of 253.97 billion rmb, bolstered by growth in rural areas and strong performance in areas like infant formula and milk.

On November 12, Alibaba announced that it generated a record 168.2 billion rmb ($25.3 billion) in sales on Singles’ Day, an increase of 39 percent compared to 2016, which made Singles’ Day (11 11) the world's largest shopping event.

JD, a competitor of Alibaba recorded total sales volume of 127.1 billion rmb representing 50% growth compared with the previous year.

Among all the 253.97 billion rmb online sales volume, mobile purchases accounted for 91% and overseas purchase 21.9%...Read More