Alibaba beats last year's 11.11 record of $30bn sales by 5pm
Single Day is a 24-hour shopping frenzy - every 11 November - for people looking to treat themselves. This year, gross merchandise value figures show that sales on the Alibaba platform had reached nearly $30.5bn by the afternoon.
The fact that the sales are continuing to climb as the day comes to an end in China, shrugs off fears that a slowing Chinese economy might dampen sales.
Alibaba sets new Singles Day record with $30bn sales
Now in its 11th year, the event sees Alibaba offer large discounts for the day in a bid to drum up hype and excitement among consumers. The tactic has been so successful that Singles Day now exceeds both Black Friday and Cyber Monday for consumer spend.
Top selling products this year include mobile phones such as Huawei’s 5G enabled Mate 30 Pro smartphone, as well as Apple’s iPhone 11 Pro and the Pro Max – despite the impact of an ongoing trade war with the US.
This year’s event saw brands offer Double 11 discounts to capitalise on the auspicious anniversary.
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Alibaba Group Holding Limited is a Chinese multinational e-commerce, retail, Internet, AI and technology conglomerate founded in 1999.Find out more