Alibaba Group Generates $84.5 Bln In Global Shopping Festival

(RTTNews) - Chinese online retail giant Alibaba Group Holding Ltd. (BABA) said Thursday that its 2021 11.11 Global Shopping Festival generated RMB 540.3 billion or $84.54 billion in gross merchandise volume during the 11-day campaign from November 1 to 11, an increase of about 14% from last year's $74.1 billion.

According to the company, 290,000 brands participated in the 13th Shopping Festival, of which 65% are small and medium-sized businesses, manufacturers from industrial belts and new brands.

78 brands grew to surpass RMB100 million in GMV this year, up from RMB10 million in GMV last year, while 698 brands grew to surpass RMB10 million this year from RMB1 million in GMV last year, the company said in a statement.

More than 45% of consumers that made purchases were born in the '90s and '00s. Consumers born in '00s increased by 25% year-over-year.

The 11.11 Global Shopping Festival began in 2009 with participation from 27 merchants as an event for merchants and consumers to raise awareness about the value of online shopping. More than 290,000 brands participated in this year's event, the company said.