Source: Securities Daily (in Chinese) Jia Li
Chinese leading appliance retailers Suning and Gome saw a surge of more than 210% year-on-year in online orders and more than 268% year-on-year in online gross merchandise volume (GMV) respectively, for the day Nov 11 2016 alone. Nov 11, also known as Double 11, has become one of China’s biggest shopping day.
Home appliance manufacturers also reaped big from this long expected shopping day. Hisense, a leading Chinese TV maker, saw sales from its online TV store on Tmall.com exceeding 100 million Yuan only 70 minutes after it kicked off its Double 11 promotion. And as of 9 am on Nov 11 2016, its online sales on Tmall.com reached 90% of same day last year, setting a new record. For the day Nov 11 2016, Midea, a home appliance giant in China, saw its gross merchandise volume in refrigerators from all its online channels registered 300 million Yuan, with a surge in variable frequency refrigerators. As of only 1:28 am on Nov 11 2016, TCL, a Chinese home appliance maker, saw its sales of all categories exceeding 600 million Yuan, reaching all Double 11 targets it set last year.
Statistics from All View Cloud suggested that, 350 million logistic orders were placed on major e-commerce platforms on Nov 11, a year-on-year increase of 59%. For Double 11 shopping week, sales volume in TV registered 2.06 million units, a year-on-year increase of 25%, and sales in TV registered 4.79 billion Yuan.
Industry insiders suggested that, high-end home appliances were gaining popularity.