The stat: Singles Day transactions rose 27% YoY to 1.44 trillion yuan ($203.6 billion), per data from Syntun reported by Bloomberg.

But that figure comes with a major caveat: Promotions for this year’s Singles Day festival started on October 14, ten days earlier than last year. That has made it easier for companies like Alibaba and JD.com to tout sales and buyer growth but more difficult to gauge whether the event convinced highly price-conscious Chinese consumers to spend.

Behind the numbers: As in 2023, both Alibaba and JD.com were mum on specifics. The 29-day event led to record sales and active buyers on Taobao and Tmall, Alibaba said, without divulging exact figures. JD.com similarly highlighted a more than 20% YoY increase in shoppers but refrained from releasing statistics on GMV or buyer numbers.