Figures from Worldpay reveal another record-breaking year for China Singles Day, with Chinese consumers spending more than ever before.
An analysis of spending data from the day found:
- 38.9% more online transactions processed globally, compared to last year
- During the peak of shopping activity Worldpay processed 44,505 payments per minute (17.24 GMT).
- An 18.5% uplift in the volume of transactions in the UK
- In the first 12 hours of the day Worldpay had processed 57% more sales globally, compared to 2015
Shane Happach, managing director, Global eCom, Worldpay said: “Breaking its own record, China Singles Day has made history again this year, and it is exciting to see just how quickly the date has made its mark on the global calendar. Worldpay processed 38.9% more online transactions than last year, and at the peak of shopping we were processing a record 44,505 transactions per minute.
“This data sends a clear message to retailers that Chinese shoppers’ appetite for major events like this remains strong. Our own recent research has found that Chinese consumers are beginning to shed their credit wariness, and challenge the US in terms of spending power, which is helping to fuel the Singles Day shopping frenzy and love for shopping. In fact, Single’s Day is now such an event that Alibaba have even gone so far as to hire a Hollywood producer to create a four hour promotion gala to kick things off.
With the sales period actually lasting an entire month this year, retailers have had a great opportunity to further cash in on an extended sales period and create a massive buzz around the event through activities and promotions.
From a celebration of singledom, to the world’s top-grossing online shopping holiday, 11/11 is the world’s premiere event for eCommerce, and it is safe to assume this year’s sales will once again overshadow the likes of Black Friday and Cyber Monday.”
In the UK, year-on-year sales have increased by 18.5%, with 2016 promising to continue the trend of outstripping Black Friday, Cyber Monday and Boxing Day Sales. Worldpay processed over 44,000 transactions per minute globally during China Singles Day 2016, a more than three-fold increase compared to 2015.