During the 2024 iteration of the 11.11 Global Shopping Festival, Alibaba’s Tmall and Taobao platforms demonstrated robust consumer demand and evolving market dynamics in China, delivering record-breaking results in Gross Merchandise Volume (GMV), merchant participation, and consumer engagement. This year marked the 16th anniversary of the premier shopping event in China, showcasing the rise of premium consumption, the adoption of AI-driven merchant tools, and the growing influence of younger, affluent shoppers.
Bo Liu, Vice President of Alibaba Group and President of Tmall, highlighted the significance of this achievement: “Consumer participation in this year’s 11.11 reached a historic high, underscoring the impact of our ongoing efforts to enhance the consumer experience and setting the industry benchmark for the business operating environment for merchants. We are pleased to see that 88VIP members, who have the greatest consumption power on our platform, served as a key growth driver for brands during the event, while the enthusiasm shown by the younger generation of consumers was also highly encouraging. ”
Key Metrics Showcase Dynamic Market Strength
Despite a complex economic environment, the 11.11 festival showed resilience and robust consumer sentiment. Key categories like beauty, consumer electronics, and high-end goods continued to draw strong interest from China’s middle-class and affluent shoppers. Niche categories such as collectible toys and outdoor gear also displayed exceptional growth, indicating shifting lifestyle preferences among Millennials and Gen Z.
This year’s event saw 589 brands eclipse the RMB 100 million GMV mark, a substantial increase of 46.5% over the previous year, with 45 brands surpassing RMB 1 billion. High-profile brands such as Apple, Xiaomi, and Nike highlighted the enduring appeal of top-tier and globally recognized products in the Chinese market.
Notably, 88VIP, Alibaba’s premium membership offering, emerged as a key growth driver during this year’s 11.11. With over 42 million members by mid-2024, this cohort showed significant spending power with a rise in purchasing activity by over 50% year-on-year during the event. This also highlights the importance of loyalty and premium services in attracting high-spending consumers, especially affluent Millennials and Gen Z.
AI Enhances Merchant Success
Tmall and Taobao’s integration of AI-driven tools has revolutionized merchant capabilities, improving efficiency and reducing costs. The AI toolkit, adopted by four million merchants, facilitated the creation of over 100 million marketing assets and supported two million web traffic analyses. This suite of tools, including Ali Assistant and Business Advisor, has empowered small and medium-sized enterprises (SMEs) to streamline operations and engage more effectively with consumers.
For example, AI-powered content generation tools have provided savings equivalent to full-staff costs, while marketing tools like Quanzhantui have boosted sales for nearly 290,000 merchants during the pre-sale phase.
Taobao Live and the Billion Subsidy Program
Taobao Live, Alibaba’s live-streaming platform, continued to demonstrate its importance as a core sales channel, with over 100 channels achieving sales exceeding RMB 100 million.
The Billion Yuan Subsidy Program further played a critical role in this success, generating over 1.5 billion orders and showcasing Alibaba’s ability to leverage large-scale consumer incentives to drive brand growth.
New Consumer Trends Emerge
This year’s 11.11 also revealed a shift toward high-end experiential products, particularly in categories like high-end pet supplies and collectible toys, popular among Millennials and Gen Z. The sports and outdoor brands flourished, with 34 brands exceeding RMB 100 million in GMV, reflecting a broader trend towards lifestyle-oriented consumption.
Government subsidies and platform-driven discounts also boosted home appliances and furniture sectors, with 139 brands surpassing RMB 100 million in GMV. These sales aligned with efforts to stimulate domestic demand through sustainable consumption.
This year’s record-setting 11.11 performance not only reinforces the platforms’ market leadership but also offers valuable insights into e-commerce strategies, demonstrating how businesses can thrive by adapting to consumer preferences and leveraging AI technology.
Discover more about the weeks-long 11.11 Festival on Liveblog
Explore how Tmall’s 11.11 reveals the latest shifts in consumer trends
