In the electrifying spectacle of Singles Day, Xiaomi, the Chinese tech giant, emerged as a clear winner, boasting record-breaking sales that surpassed 22.4 billion yuan ($3.11 billion). From Oct. 23 to Nov. 11, Xiaomi’s products flew off the virtual shelves of major platforms, including Alibaba’s Tmall and Taobao, JD.com, Pinduoduo, and Douyin.
Xiaomi’s glory during the festival was underscored by the claim that its latest release, the Xiaomi 14 smartphone, secured the coveted top spot on Alibaba’s Tmall from Nov. 4 to 11. Asserting dominance across various smartphone sales categories on different platforms, Xiaomi’s success prompted HSBC analysts to revise their forecasts, anticipating positive earnings accretion and potential valuation re-rating in the future.
The Singles Day extravaganza, evolving into a multi-week shopping fiesta, continues to be a powerhouse of sales in China. Despite uncertainties affecting retail sales, livestreaming and short videos on platforms like Alibaba’s Taobao and ByteDance’s Douyin continued to be formidable sales channels. Estimates revealed a 19% surge in Gross Merchandise Value (GMV) from livestreaming during this year’s festival. Tmall led the charge with a 60% share, followed by JD.com at 28%, and Pinduoduo at 7%.
JD.com reported that Apple products exceeded 10 billion yuan in transaction volume, while Lululemon witnessed a remarkable 260% surge in transaction volume compared to the previous year. Xiaomi’s triumph not only showcases the brand’s prowess but also reflects the broader trend of Singles Day transforming into an extended period of shopping promotions and consumer engagement across various platforms.
As the Singles Day fervor settles, deeper insights into consumer trends and festival results are expected during upcoming corporate earnings calls. JD.com is set to unveil quarterly results on Wednesday evening, followed by Alibaba on Thursday evening (Beijing time), providing a comprehensive snapshot of the festival’s impact on Chinese consumer behavior and market dynamics.