By Casey Hall

SHANGHAI (Reuters) – China's largest e-commerce company Alibaba (NYSE:BABA) Group reported "robust growth" in sales and a "record number" of shoppers during this year's Singles' Day sales period, which ended at midnight on Monday.

The firm did not disclose total sales revenue; however, it mentioned that 45 brands – including Apple (NASDAQ:AAPL), Haier, Midea, and Xiaomi (OTC:XIACF) – surpassed 1 billion yuan ($138.62 million) in gross merchandising value (GMV).

JD (NASDAQ:JD).com, China's second-largest e-commerce company, also refrained from announcing its sales but noted a more than 20% year-over-year increase in shoppers during the event.

Last year, a data provider, Syntun, estimated that sales across major e-commerce platforms rose 2.08% to 1.14 trillion yuan. Third-party estimates for this year's festival have not yet been made public.

Initially a single-day online shopping event celebrated on November 11, the Singles' Day festival – reflecting the numerical motif of the date – has now transformed into weeks of promotions spanning major e-commerce platforms and physical stores throughout China. This year’s festival kicked off on October 14, marking the longest edition to date.

Expectations for sales growth were moderated this year, following weakened consumer confidence amid a prolonged property slump and broader economic slowdown affecting the world's second-largest economy.

A survey by Bain & Company preceding Singles' Day indicated that nearly three-quarters of respondents intended to spend the same amount or less on promotions in 2024.

Chinese e-commerce platforms that once celebrated Singles' Day with star-studded gala events have adopted a more low-key approach in recent years, having ceased to release total GMV figures since 2022.

This year, higher-priced household appliances performed significantly better compared to previous years, thanks to a national 150 billion yuan trade-in subsidy scheme launched in July to enhance consumer spending.

JD.com reported a 200% year-on-year increase in transactions for 519 home and appliance categories, with top-selling items including energy-efficient air conditioners, robotic vacuum cleaners, and smart toilets.

Another unexpected growth area was collectible toys and hobbies, which included anime, comic, and gaming merchandise popular among younger consumers in China.

According to Alibaba, designer and collectible toy brands such as MiHoYo, Pop Mart, Paperpresented, and Jellycat exceeded 100 million yuan in GMV.

Shan Yin, a 23-year-old student from Hangzhou, shared her experience purchasing gaming products tied to titles like 'League of Legends' and collectibles from the anime series 'Noragami' and 'Banana Fish', spending a total of 3,200 yuan. She explained that these products help her manage the stress associated with her engineering studies.

"Cosplay and buying this merchandise are ways for me to regulate my emotions," she stated.

($1 = 7.2139 Chinese yuan)