When millions of online shoppers swamped Alibaba-operated Tmall.com and Taobao.com this past Monday for the annual Singles Day discounts, the first hour of shopping raked in $12 billion in sales. Looking back at 2009, Chinese retail giant Alibaba generated only $7 million in its first ever Singles Day. Come 2019, they generated an astronomical record number at $38.4 billion in just 24-hours.
These figures can be looked at in various ways. However, this affirms two things; the strength and presence of the Chinese consumer is healthy and the extent
of inflated reports of Chinese economic slowdown.
This is positive for both luxury goods manufacturers and global investors as this trend of larger spending Singles Day figures represents the rise of household disposable income in China and signals that this growth of income is not only sustainable, but has strong momentum in spite of latest US-China trade war talks.