Taobao and Tmall, the retail arms of China’s Alibaba Group, have reported robust growth in gross merchandise volume (GMV) and a record number of active buyers during the 16th edition of their annual 11.11 Shopping Festival.
The event, also known as ‘Double 11’, saw significant growth and notable achievements across various metrics, driven by continued expansion in key product categories and strong consumer engagement, especially from 88VIP members.
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As of June 2024, China’s paid e-commerce membership programme 88VIP has more than 42 million members.
A total of 589 brands surpassed 100m yuan ($13.88) in GMV, up from 402 brands in the previous year.
In addition, 45 brands, including major names such as Apple, Haier, Midea, Xiaomi, NIKE and Wuliangye, exceeded 1bn yuan in GMV.
The number of orders placed by 88VIP members grew by more than 50% year-on-year as of midnight on 11 November.
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By GlobalDataCore categories such as apparel and beauty continued to perform strongly, with 66 apparel brands and 79 beauty brands reaching over 100m yuan in GMV.
Consumer electronics also saw substantial success, with 34 brands exceeding the same GMV threshold.
Additionally, government subsidies and platform discounts played a significant role in boosting sales for home appliances and furniture, with 139 brands surpassing 100m yuan in GMV.
Millennial and Gen Z consumers drove growth in emerging categories due to lifestyle changes, resulting in four designer and collectable toy brands achieving over 100m yuan in GMV by 4pm on 11 November.
Sports and outdoor brands also saw a notable increase, with 34 brands crossing the 100m yuan mark.
Alibaba Group vice-president and Tmall president Bo Liu said: “Consumer participation in this year’s 11.11 reached a historic high, underscoring the impact of our ongoing efforts to enhance the consumer experience and setting the industry benchmark for a business operating environment for merchants.
“We are pleased to see that 88VIP members, who have the greatest consumption power on our platform, served as a key growth driver for brands during the event, while the enthusiasm shown by the younger generation of consumers was also highly encouraging.
“These successes strengthen our commitment to continuously invest in user experience, and we remain confident in delivering sustainable growth for brands and merchants over the long term.”
