Chinese consumers spend big over Singles' Day shopping spree

Alibaba's e-commerce platform Tmall generated 540.3 billion yuan (about 84.54 billion U.S. dollars) in gross merchandise volume (GMV) during the annual shopping bonanza from Nov. 1 to 11, reflecting a dynamic Chinese consumption economy.

"This year's Singles' Day shopping festival was a meaningful milestone as part of our commitment toward building a sustainable future," said Yang Guang, vice president of Alibaba Group.

Data shows that 78 brands registered 10 million yuan to 100 million yuan in GMV, while 698 others racked up 1 million yuan to 10 million yuan during the shopping festival, according to a press release of the company.

More than 290,000 brands have participated in this year's shopping promotion, and over 45 percent of consumers that made purchases were born in the 1990s and 2000s, according to the company. Consumers born in the 2000s increased by 25 percent year-on-year, it added.

The Singles' Day shopping festival was first initiated by Alibaba on Nov. 11, 2009, and has since become one of the world's largest online shopping sprees.