Fri­day Alibaba’s Sin­gles Day sales hit 10b in min­utes

China Daily (USA) - - NEWS CAPSULE -

Chi­nese shop­pers shrugged off any con­cerns over a slow­ing economy and bought 10 bil­lion yuan ($1.47 bil­lion) worth of goods within the first seven min­utes af­ter Alibaba’s Sin­gles Day on­line shop­ping fes­ti­val kicked off on Fri­day.

Shop­pers spent more than 35.3 bil­lion yuan within the first hour.

Sim­i­lar to Black Fri­day and Cy­ber Mon­day in the United States, China’s Sin­gles Day shop­ping fes­ti­val is the world’s largest, with Alibaba alone gen­er­at­ing gross mer­chan­dize vol­ume of 91.2 bil­lion yuan in the 24-hour sales last year.

Sales records have been bro­ken ev­ery year since the man-made on­line shop­ping event was in­tro­duced by the e-com­merce gi­ant on Novem­ber 11, 2009.

The event has be­come a shop­ping ex­trav­a­ganza with e-com­merce com­pa­nies and brick-and­mor­tar re­tail­ers jump­ing in to ride the huge spend­ing wave.

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