Alibaba Singles’ Day sales growth momentum to continue, albeit amid shifting preferences among mainland consumers

Singles’ Day shopping on the mainland will maintain an upward momentum despite worries about the slowing economy, driven by a rising ardour for imported products and quality services among mainlanders, according to global consultancy Bain & Co.

Bruno Lannes, a partner with Bain and head of the company’s consumer products in China, told the Post Thursday that growth would last “many years” as the e-commerce shopping bonanza on November 11, a benchmark for Chinese retail on par with Black Friday, a day known for shopping in the US which follows Thanksgiving Day, became more internationalised.

Alibaba Group generated sales of US$17.8 billion (HK$138.1 billion) on Singles’ Day this year, up 32 per cent from 2015.

Purchases on Singles’ Day were started and trademarked by Alibaba, owner of the South China Morning Post, in 2012.

In both 2014 and 2015, Alibaba recorded about 60 per cent annualised growth of sales during the one-day shopping event, developing it into the world’s largest and most successful shopping event.

The slower growth in sales this year triggered speculation that the shopping event is entering the middle age of its development cycle.

“It’s such a huge amount already, and the growth will flatten,” said Lannes. “But the way it is developing is more sophisticated and professional. That’s appealing to Chinese people.”