Alibaba rakes in record $31B in sales during China’s Singles Day online shopping blitz
Monday, 11 November 2019 Alibaba Group Holding Ltd (NYSE:BABA) on Monday raked in a record $31 billion in sales during China’s annual Singles Day online shopping blitz. The country's biggest e-commerce company topped last year's record in 16-and-a-half hours. Alibaba turned China’s informal Singles’ Day into a shopping event in 2009 and built it into the world’s biggest online sales fest, dwarfing Cyber Monday in the US which took in $7.9 billion last year. The name is a play on the date, November 11, rendered 11/11 - or Double Eleven, as the event is also known. The 24-hour event comes as Alibaba’s growth is under pressure from China’s slowing economy and the trade war with the US. Alibaba plans $15 billion shares sale in Hong Kong "Singles Day is being held up as a bellwether of Chinese consumers' willingness to spend in the face of a domestic slowdown," wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a note Monday. But "deeply discounting prices always brings consumers out to play, no matter how bad the economy might be," he added. Singles Day also is used as a gauge of Chinese consumer sentiment, has also become a shop window this year for Alibaba as the firm plans to sell $15 billion worth of shares in Hong Kong this month. The US-listed firm has spent big to diversify its business, yet still earns over four-fifths of revenue from e-commerce. Contact the author: [email protected] Follow him on Twitter @PatrickMGraham
In China, Singles' Day is akin to Black Friday and Cyber Monday in the US. Also known as “Double Eleven”, the festival’s name originates from the calendar date 11/11, with the four ones referencing being single. Alibaba Group Holding Inc said on Monday that sales for its annual shopping blitz...
Black Friday is in the record books. The busy shopping day saw $7.4 billion in online sales. That's the second largest online sales day ever. Black Friday was... CBS News Also reported by •OilPrice.com