Xiaomi achieved a record $3.11 billion in Singles’ Day sales

BEIJING – Chinese smartphone and consumer electronics company Xiaomi achieved record sales across platforms during the Singles Day shopping festival.

From October 23 to the end of November 11. On October 11, Xiaomi said it was sold More than 22.4 billion yuan (3.11 billion US dollars) worth of products on platforms such as Tmall, Alibaba’s Taobao, JD.com, Pinduoduo and Douyin.

Xiaomi shares briefly rose more than 2% in Hong Kong trading late Monday morning. Locally traded shares of Alibaba and JD.com gave up their previous gains.

For the second year in a row, the two online shopping giants declined to share overall numbers for the Singles’ Day shopping festival.

JD only said that the volume of transactions and orders reached record levels. Alibaba said the total value of goods, order numbers and participating merchants increased compared to last year. GMV measures sales over time.

According to the brand, JD said the transaction volume for Apple products exceeded 10 billion yuan ($1.39 billion). This is it The same number in Jordanian Dinar was shared for Singles’ Day results in 2021. It did not provide a comparable figure in 2022.

Lululemon, a relatively new brand in the Chinese market, saw a 260% increase in Jordanian dinar transaction volume during the shopping festival compared to last year, the Chinese retailer said.

Alibaba did not share many details about sales by product or brand throughout the entire shopping festival period.

Xiaomi claimed that its newly released Xiaomi 14 smartphone was the best-selling smartphone on Alibaba’s Tmall website as of November. From 4 to 11. The company also took first place in various categories of smartphone sales for Chinese brands across other online shopping platforms.

“Better-than-expected Mi14 sales lead to earnings accretion and potential future revaluation,” HSBC analysts wrote in November. 6 reports.

“We raised our forecast for Xiaomi’s smartphone shipment by 7% in 2023e to 150 million units and by 6% in 2024 to 160 million units,” the analysts said.

Over the past decade, Singles’ Day has expanded from a one-day shopping festival to a multi-week period of shopping promotions across various online platforms in China.

In 2022, during the COVID-19 pandemic, Alibaba said its Singles’ Day sales were “in line” with the previous year, which recorded the equivalent of $84.54 billion in gross value at the time.

Uncertainty about future income has affected retail sales in China over the past few years.

Ahead of this year’s shopping festival, a study by Bain and Company found that 77% of consumers in China do not plan to spend more.

Live streaming and short videos on platforms such as Alibaba’s Taobao and ByteDance’s Douyin have remained a growing sales channel.

GMV from live streaming rose 19% during this year’s shopping festival, according to estimates from data firm Syntun and Morningstar senior equity analyst Chelsea Tam.

Tmall accounted for the bulk of sales, or 60%, in a category Syntun called “one-stop e-commerce platforms,” Tam said in a note.

The report said that JD accounted for 28%, while Pinduoduo accounted for 7%.

Kuaishou, a short video and live streaming app, said orders had increased dramatically nearly 50% During the Singles’ Day shopping period.

More details on Singles’ Day results and Chinese consumer trends could be revealed during corporate earnings calls later this week. JD.com is scheduled to announce its quarterly results on Wednesday evening, while Alibaba is scheduled to announce its earnings on Thursday evening, Beijing time.