China's Singles Day shopping spree enters final stretch
Packages wait to be delivered at an SF Express station in Beijing on November 11, 2022.
China's Singles Day shopping bonanza entered its final stretch on Friday, with all eyes on whether sales can top a record 1 trillion yuan ($140 billion).
Conceived by technology giant Alibaba, the informal holiday's title riffs on a tongue-in-cheek celebration of singlehood inspired by the four ones – "11/11" – that denote its date of November 11.
It has grown to encompass much of China's retail sector – including traditional brick-and-mortar stores, second-hand sales platforms and even rival shopping giant JD.com – with merchants offering varying levels of discounts starting in late October.
The combined gross value of products sold by Alibaba and JD.com this year "may surpass a trillion yuan," Wang Xiaofeng, principal analyst at research firm Forrester, said in a note – up from the total of 965 billion yuan raked in at last year's event.
The holiday, conceived in 2009, has previously lured throngs of Chinese influencers alongside Western celebrities including Kim Kardashian and Taylor Swift, drawing heavy coverage in both domestic and international media.
Alibaba said last week the event could "make a big difference" for retailers struggling with supply-chain disruptions this year, including a slew of foreign brands.
