Alibaba has reported runaway sales during the first half of its 11.11 Global Shopping Festival, which is split between two dates for the first time this year.
Between November 1 and November 3 Alibaba says hundreds of millions of customers flocked to its platform, indicating a solid rebound of consumer confidence and spending in China.
More than 100 major brands including Nike, Adidas, L’Oreal, Estee Lauder and Apple achieved a collective gross merchandise volume (GMV) of RMB100 million (£11.51 million) in under two hours.
Nearly 2000 emerging brands, which Alibaba classes as trading on its platform for less than three years, achieved the same as their entire last year’s GMV on November 1.
A further 94 brands have already achieved year-on-year growth of 1000 per cent.
International sales were also strong, with Alibaba’s international platform Tmall Global achieving 90 per cent GMV growth over the first day of the event.
Last week Alibaba announced that it would split its shopping festival, currently the world’s largest single shopping event by some margin, into two separate dates.
Another 24 sales period will launch on November 11, the traditional date of Alibaba’s “singles day”, which last year made the same amount on money in its first hour than Black Friday.
The Chinese ecommerce giant, which boasts 800 million customers and more than 250,000 sellers worldwide, is hoping to kickstart sales ahead of the holiday season as China emerges from the worst of the pandemic.
It believes Chinese power-spenders have pent-up consumption demand after retail has been hampered for the majority of 2020 due to the pandemic.