China’s post-pandemic economic recovery got further confirmation on Wednesday. Shaking off any loosely hanging Covid-19 shackles, Alibaba’s (BABA) 11.11 shopping festival proved to be another roaring success.
Boosted by a first-time extra sales window between November 1-3, the annual Double 11 shopping extravaganza hauled in gross merchandise value of ¥498 billion (~$74 billion), amounting to 26% year-over-year growth, in line with the 26% uptick of 2019.
The event drew in 800 million participants, and Alibaba said that during peak activity, the platform was processing 583,000 orders per second. Overall, there were 250,000 brands selling discounted goods, including 31,000 overseas brands.
RBC analyst Mark Mahaney believes the festival’s continued success is a “sign of the durability of Chinese consumers’ consumption rebound since the trough of the pandemic.”
As for Alibaba, the 5-star analyst counts its excursion into offline sales including “big ticket retail like autos and real estate” and