E-commerce giant JD said its accumulated transaction volume for the Singles Day shopping holiday topped 311.4 billion yuan ($48.6 billion) as of 2:08 pm Thursday, surpassing total sales of 271.5 billion yuan last year. The company kicked off this year's festival at 8 pm Oct 31, four hours earlier than previous iterations.

Sales of domestic mobile phone brands such as Xiaomi, Oppo, Honor and Vivo increased four times on a yearly basis in the first 10 minutes after the clock struck 8 pm on Wednesday, while the turnover of home appliance products like televisions, washing machines and refrigerators exceeded 2 billion yuan within 5 minutes, according to JD.

Homegrown brands have gained traction among young consumers, who are pursuing high-quality lifestyles and purchasing more diversified and personalized products, said Liu Hui, director of JD's consumption and industry development research institute, noting orders from lower-tier cities and townships witnessed robust growth during this year's shopping spree.

In addition, the transaction volume of JD's imported goods supermarket surged 293 percent year-on-year in the first 10 minutes of the final promotional gala.

"This year's Singles Day shopping extravaganza has stirred up consumers' purchasing enthusiasm and shored up confidence of shoppers. It showcased China's immense consumption potential and the economy's strong resilience in the face of challenges brought by COVID-19," said Wang Yun, a researcher with the Academy of Macroeconomic Research.

Wang noted China's Gen Z, young consumers born between the mid-1990s and the early 2010s, have higher recognition of homegrown commodities compared with their parents, and have driven growth of domestic brands due to their rising purchasing power.