Alibaba’s 11.11 Singles’ Day sales growth slowed to single digits this year. Source: Alibaba Group.

Alibaba Group’s famed 11.11 Global Shopping Festival set a new record with RMB540.3 billion/US$84.54 billion in total gross merchandise volume (GMV) accrued over 11 days (1-11 November).

But year-on-year growth for the spectacle that concluded with the holiday on Thursday reached 8.45% from the 26% posted in the year prior, as China’s economy slows and the government tightens laws on internet companies.

The perennial e-commerce sales bonanza, which celebrate Singles’ Day, racked up RMB498.2 billion/US$74.1 billion in 2020 over the same period.

This year’s shopping spree attracted more than 900 million Chinese consumers and 290,000 merchants, including a wave of luxury names such as Cartier and Gucci that command an influential presence in travel retail.

APPLE AND L’ORÉAL TOP $15.6M IN SALES

Around 70,000 of these merchants were participating for the first time, it is gathered.

“This 11.11 Global Shopping Festival, we delivered steady and quality growth that is a reflection of the dynamic Chinese consumption economy,” commented Yang Guang, Vice President at Alibaba Group.

“We also leveraged the power of 11.11 as a platform to fulfil our social responsibility. This year’s festival was a meaningful milestone as part of our commitment towards building a sustainable future.”

According to Alibaba’s news hub Alizila, 382 brands witnessed their GMV exceed RMB100 million in the 10 days leading up to 11 November, including Apple and L’Oréal.

More than 1.3 million new products were offered by more than 29,000 overseas brands participating via Tmall Global.

In addition, 500,000 products with official Green Product Certification from more than 2,000 merchants were featured in a dedicated eco-friendly vertical via Tmall.

Started in 2009 with 27 participating brands, Alibaba’s 11.11 Global Shopping Festival has grown into a huge online spending event. It celebrates Singles’ Day, regarded as an unofficial holiday alternative to Valentine’s Day.

Main image source: Businesswire.