Home Business News China’s Alibaba clocks in record $30bn in Singles’ Day sales

China’s Alibaba clocks in record $30bn in Singles’ Day sales

by Purvai Dua
12th Nov 18 9:22 am

Chinese e-commerce giant Alibaba Group cashed a record 213.5bn yuan (£23.8bn) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day.

This year, the company surpassed last year’s full-day sales record of 168 billion yuan in just under sixteen hours.

Singles’ Day, or “Double 11”, is the world’s biggest online sales event, outstripping the sales of US shopping holidays Black Friday and Cyber Monday combined.

Shoppers snapped up hot items including iPhones, furniture and milk powder starting pre-dawn, with Alibaba recording roughly $10bn in sales in the first hour after midnight.

However, despite the record haul, the annual sales growth rate fell from 39 per cent to 27 per cent, at the low end of analyst estimates, and the slowest rate in the event’s 10-year history.

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