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U.S. Luxury Brands Earn $2M on Singles’ Day

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Dealmoon’s Singles’ Day, which some have called the new American Cyber Monday for luxury brands, was a boon for many U.S. retailers this year.

Dealmoon.com reported more than 250 U.S. luxury brands participated in its annual shopping event, some earning $2 million in 24 hours. The e-tailer also reported an estimated sales increase of 40 percent over 2015, trouncing Alibaba’s reported 6 percent sales increase. Brands also said more than two-thirds (70 percent) of Dealmoon shoppers on 11/11 were new customers for them, including Chinese millennials.

“Fifty-four percent of our sales were in the beauty category, 31 percent apparel, shoes and handbags, 8 percent electronics and 7 percent home goods,” Dealmoon.com chief marketing officer and co-founder Jennifer Wang said. “In the fashion category, our customers’ most favorite products were Stuart Weitzman boots, Michael Kors MK handbags, a Burberry cashmere scarf, Ugg boots, a Canada Goose parka, Prada and Burberry sunglasses, Adidas Stan Smith sneakers, Pandora Jewelry, Chloe bags and one of our all-time bestsellers: Salvatore Ferragamo pumps.”

Geared toward the “rising Middle Class” of millennials (ages 25 to 34) in China, Dealmoon.com is currently favored by 6 million Chinese shoppers. On 11/11, 61 percent of Dealmoon.com users were Chinese-Americans, another 29 percent were from mainland China and the rest were from other nations.

“Our growth this year can best be expressed by saying that multiple retailers made over $2 million in sales this Singles’ Day, which doubled sales records in 2015,” Wang added. “In general, we are seeing our customers interested in higher-end products.”

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