As of 24:00 on November 11, Tmall Global Shopping Festival 2019 (aka Tmall “Double 11”) saw sales of RMB 268.4 billion.

Since 0:00 on the “Double 11” day, the festival has kept renewing its sales record: In 1 minute and 36 seconds, it topped RMB 10 billion, 29 seconds faster than last year; in 10 hours, 4 minutes and 49 seconds, it reached RMB 168.2 billion, equal to the total sales on the same day in 2017; in 16 hours, 31 minutes and 12 seconds, the sales hit RMB 213.5 billion, surpassing the same-day sales in 2018.

As of 19:10 on the “Double 11” day, Chongqing ranked the seventh in turnover at the festival among all cities across China, although other provinces and cities have not released their same-day data yet.

Data shows Chongqing consumers have retained reliable purchasing power this year. Statistics suggest consumers in Yubei District, Jiulongpo District, and Shapingba District rank the top three among all districts in Chongqing, followed by Nan’an District and Jiangbei District.

This is the 11th year of the “Double 11” festival. Growing out of nothing, the festival has created a consumption miracle and mirrored the vitality of the digital economy, said Huang Rihan, executive director of Beijing-based Digital Economy think tank.

“Double 11” is more than just a promotional festival. The vast sales figures mean that the digital economy, as a new resource allocation method, will completely change commercial activities, people’s lifestyles and even the whole society especially when the 5G time arrives, indicated Pan Helin, executive director of Digital Economy Institute, Zhongnan University of Economics and Law.

Source: Shangyou News