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