Alibaba’s Singles’ Day, the world’s biggest shopping festival, brings in a record of $38.4 billion this year as sales hit $1 billion in the first minute and eight seconds
November 14, 2019 | Sara Wang
- According to Alibaba, Chinese consumers collectively spend $22.63 billion (RMB158.31 billion) in the first nine hours of Singles’ Day shopping extravaganza
- Chinese e-commerce market achieved an estimated $74 billion on Singles’ Day
- Alibaba rival JD.com, which started its sales campaign on November 1, 2019, sold more than $29 billion
Chinese e-commerce giant Alibaba set a sales record on Singles’ Day, the world’s largest 24-hour shopping event. Gross Merchandise Value (GMV), a figure that shows sales across Alibaba’s shopping platforms, surpassed last year’s nearly $30.5 billion (RMB213.5 billion) record on Monday afternoon local time and kept climbing through the rest of the day.
According to Alibaba, Chinese consumers collectively spend $22.63 billion (RMB158.31 billion) in the first nine hours of Singles’ Day shopping extravaganza, up 25% from $18.06 billion (RMB 126.72 billion) at the same point last year, buying everything from consumer electronics to luxury items and even cars. Sales hit US$1 billion in the first minute and eight seconds and reached $11.97 billion (RMB 84 billion) in the first hour, up 22% from last year’s early haul of $9.83 billion (RMB69 billion). Alibaba saw 100 million new users join the shopping festival this year.
At the end of the event, GMV stood at $38.25 billion (RMB268.4 billion), just under a 26% rise from the figure posted last year.
More merchandise is sold online over the 24-hour period than during the five-day US holiday buying spree that begins on Thanksgiving and ends on Cyber Monday. Alibaba's US-traded shares were down 1.9% Monday to $183.70 at 11:25AM in New York.
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Keywords: Singles’ Day
, Singles Day Sales