Is China finally over the slump? This year’s Singles’ Day shopping extravaganza exceeded expectations, potentially offering a glimmer of hope for the fashion industry.

Gone are the boom days when participating companies would celebrate with the publication of bumper sales and revenue data. But Singles’ Day 2024 wasn’t the washout that many had feared. All platforms reported growth and high consumer engagement and visitors during the country’s biggest annual retail festival.

Some e-commerce pre-sales events started as early as October 8, which boosted consumer fatigue and FOMO. However it was China’s big tech that—again—won the day. Alibaba Group said that 45 brands delivered more than RMB 1 billion in GMV. One of these was Apple. 589 surpassed RMB 100 million in GMV compared to just 402 last year—a 46.5 increase.

It comes at a time when luxury groups have reported losses in China, new market entries have been reduced, and consumer sentiment has been weakened. This could be changing. November’s China Brief from McKinsey & Company highlights a number of low-level indicators (from economic stimulus measures to property transactions) that show consumption has gained some momentum in recent months.

While consolidating 11.11 data, Alibaba’s Nicholas Cano, director of business development US & Europe at Tmall Fashion & Luxury at Alibaba, was upbeat. Consumers spent “more than expected despite the current negative feelings of retail fatigue.” Cano said it delivered solid results, setting new records in both sales and active buyers and proving again the opportunities in the Chinese digital sphere.

From October 14 to November 11, overall transactions remained strong with Men’s and women’s clothing, sports and outdoor, and jewelry and accessories leading the overall market. Trends exposed “shifting consumer values” and rising demand for “premium, emotionally fulfilling, and personalized products.” The average VIC transaction price increased by 7% compared to last year while consumers from lower-tier cities nearly doubled YOY—over 60% were new customers.

Competitor JD.com recorded YOY double-digit growth in transaction volume, orders, and user numbers. It had a 20% increase in consumers. Midway through the shopping festival, it saw over 16,000 brands achieve 300% YOY growth in transaction volume. The number of companies exceeding RMB 100 million in sales increased by over 400% YoY, while more than 17,000 merchants saw their order volumes increase fivefold compared to 2023’s event.

Discounts are, naturally, central to Singles’ Day. JD.com’s “10-billion-yuan discount” program expanded its product selection more than four times YoY which it said drew a high volume of users. True 50% off discounts on apparel attracted a surge of fashion customers, with transaction volume of over 1,500 brands increasing two times YoY on the platform.

This trend is an ongoing issue for luxury houses taking part. Despite being typically reliant on Chinese marketplaces for clearing seasonal inventory, Jacques Roizen, managing director of China consulting at the firm DLG states that they declined to utilize these channels to the same extent as in the past. And to their favor: “This strategic choice enabled them to cultivate a more refined and qualitative brand image, demonstrating a better understanding of the strategic role that a presence on Tmall and JD play in the context of a successful China strategy.”

That doesn’t mean luxury skipped out and several products launched on Tmall during the festival. Valentino’s first collection from design director Alessandro Michele was released on the first day of Tmall’s pre-sale. The beleaguered house Burberry released an exclusive version of its classic logo scarf. Brand of the moment Miu Miu premiered a new colorway of its IVY leather tote online.

Ferragamo introduced a velvet version of its ballet flats and Amiri unveiled a new colorway of its famed bone Sneakers” exclusively on Tmall. Max Mara’s classic cashmere coats, Lemaire’s croissant bags, and Maison Margiela’s German trainers ranked among the top-selling items. The first item on Tmall to surpass 10 million in sales on the first day of Double 11 was MCM’s Toni Visetos tote bag.

In fine jewelry, Cartier’s Love series rings, Tiffany’s T series smile necklaces, and Bvlgari’s Serpenti Forever series bangles were the category’s bestsellers. One customer purchased a Fred Force 10 platinum diamond necklace valued at RMB 470,000. In watches, the first high-complication watch sold on Tmall was a Jaeger-LeCoultre Duomètre Sphérotourbillon in gold, valued at RMB 415,000.

There was a surge in outdoor gear, lifestyles, and activities which captured half of the top sales positions during the first phase of the event. This reflected a move towards a healthier, more active lifestyle. Total transactions in the outdoor sports category increased by 110% compared to last year. Companies like Decathlon, Mammut, Kolon, and Salomon all achieved impressive YOY growth—ranging from 20% to 100%. Rapha opened its Tmall flagship store this year and became the number one in the professional cycling apparel bracket.

Fresh from its Genius event in Shanghai, Moncler launched its new Maire jacket exclusively on Tmall in limited edition red, brown, and beige colorways. The Moncler X Lulu Li and Moncler + Rick Owens collaborations also made their debut, raking in a double-digit growth in overall transactions for the brand.

High-end beauty was a driver of growth. Tmall reported that sales of beauty products priced over RMB 500 ($69.14) increased by over 200% YOY. In total, 79 beauty brands crossed RMB 100 million in GMV. Chinese beauty firm Proya gained 600,000 new VIP customers (known for their high purchasing power, visiting the platform more than 25 days a month and spending 9 times more than average shoppers). Male grooming products in this price category also jumped by 300%. Aromatherapy oils rose over 1,000%.

Double 11 saw a 240% year-on-year increase in sales of new products in the luxury home and dining category. International brands like Flos, Trudon, and Artemide all made a debut in the home sector. Designer and collectible toy labels like Pop Mart, Jellycat, and MiHoYo saw a spike, surpassing 100 million yuan in GMV thanks to an uptick from Millennials and Gen Z.

But it’s not all about GMV, as Roizen points out. Much of Singles’ Day concerns promotional offers that can lead to “inflated GMV figures that fail to translate into genuine net revenue growth, at great expense to companies.”

With that in mind, it’s clear that China’s e-commerce landscape, with Singles’ Day at its peak, has become an increasingly diversified and complex ecosystem. According to Jack Porteous, commercial director at culture agency Tong Global, brands need to invest in “understanding their customer and building long-term brand value.” Tastes are evolving quickly and competition is fierce. “They can’t simply rely on the shopping festival merry-go-round to deliver consistent growth.”

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