It’s Hong Kong’s top online shopping festival.
Alibaba’s Singles’ Day emerged as the top choice for online shopping festivals for more than a third (37%) of Hong Kong consumers looking for one-day bargains and promotions, according to GS1 Hong Kong and KPMG China’s annual outlook for e-commerce in Hong Kong report.
The report notes that more than half (52%) of Hong Kong consumers subscribe to online shopping festivals with Cyber Monday as another popular online shopping festival garnering 16% patronage followed by Black Friday and Amazon Prime Day at 15% each.
“Major online shopping festivals are having a greater impact on online sales as a portion of total revenue. Undoubtedly, the Singles’ Day festival – a key date in the shopping calendar for mainland China and Hong Kong consumers – will continue to demonstrate the growing trend of online spending and burgeoning number of online shoppers,” said KPKMG China Head of Consumer and Retail ASPAC Anson Bailey.
KPMG China also pointed out that CEOs should take advantage of the growing popularity of online shopping festivals to target consumers who are increasingly going digital in their retail choices.
A Bloomberg report estimates Alibaba’s total Singles’ Day profit at $200.37b (CNY168.2b) this year. The tech giant pioneered Singles’ Day as a global shopping event posing as the anti-thesis for Valentine’s Day. It is held annually on November 11.
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