[THE INVESTOR] Sales at local retailers grew twofold on Nov. 11, also known as Singles’ Day or Guanggun Jie in Chinese, from the previous year.
Singles Day is growing to be a popular festival among young mainland Chinese, to celebrate the fact that they are proud of being single. The event has also become the largest offline and online shopping day in the world.
On Nov. 13, Hyundai Hmall announced that sales grew 96 percent from the previous year and that the sales portion of Chinese customers recovered to 70 percent. In the second half of 2016, customers from China, Taiwan, and Hong Kong had declined to 50 percent of Hmall’s total sales.
“Sales have been increasing this year due to expectations that the THAAD row will be resolved soon,” said an official from Hyundai Hmall.
Unlike in the past when cosmetics dominated sales, this year it was more diversified with leisurewear accessories, women’s clothing, health food, miscellaneous goods, and baby products experiencing a drastic increase.
The E-Land Group recorded the largest sales of domestic companies on Singles’ Day with sales at its online shopping mall reaching 76.7 billion won (US$68.50 million), which is a 39 percent increase from the previous year. SK Planet’s online market place 11st recorded its largest daily transaction value of 64 billion won during Singles Day.
By Alex Lee (email@example.com)