Record-breaking Singles Day sales in China showcase the fragility of consumer behavior

Chinese smartphone and consumer electronics company Xiaomi reported record sales of over $3.11 billion during the Singles Day shopping festival, selling products on platforms such as Alibaba's Tmall and Taobao, JD.com, Pinduoduo, and Douyin. Xiaomi's newly released Xiaomi 14 smartphone was the top-seller on Alibaba's Tmall, and the company claimed first place in various categories of Chinese brands' smartphone sales across other online shopping platforms. Livestreaming and short videos on platforms like Taobao and Douyin played a significant role in driving sales, with GMV from livestreaming rising by 19% during the shopping festival.