Connect with us

Asia Pacific

Alibaba Records Whopping $30 Billion Sales on “Single’s Day” in China

Published

on

Chinese e-commerce giant Alibaba recorded a $30.7 billion sales on  Singles’ Day during its 24-hour online retail frenzy on Sunday, but the event’s annual growth dropped to its slowest rate.

Shoppers in China and across the world grabbed up hot products including phones, furniture etc starting pre-dawn, with Alibaba recording approximately $10 billion in sales in the first hour after midnight.

Singles’ Day in China is the world’s biggest online sales event, outstripping the sales of U.S. shopping holidays Black Friday and Cyber Monday combined. The Chinese event was originally a novelty student holiday to celebrate being single, countering the Valentines Day but has since grown into a month-long online shopping festival that peaks with a 24-hour sale on November 11.

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

It comes as the company is grappling with a weaker sales outlook amid rising trade tensions between China and the United States that have taken a bite out of China’s economy.

More News at EurAsian Times

Advertisement
Advertisement

Facebook

FEATURED

eurasian-times eurasian-times
Featured26 mins ago

After SU-30 Jet, Now MiG-21 Fighter Jet Crashes In Western District

A Serbian military aircraft crashed Friday in western Serbia, the Defense Ministry confirmed. The ministry said that the MiG-21 military aircraft...

putin-russia putin-russia
EurAsian Region30 mins ago

Watch How Russian BM-30 Smerch Rockets Use GLONASS Navigation System To Hit Its Target

Russia has reportedly made another major breakthrough in boosting its missile launching capabilities with modernised BM-30 Smerch or 9A53-S Tornado...

ARMY-INDIA ARMY-INDIA
Featured8 hours ago

Clear Message To China: India Army Will Fire If PLA Soldiers Come Forward

As India-China border tensions are yet to be completely diffused, according to a report by The Hindu, New Delhi has given...

s400-russia s400-russia
Featured17 hours ago

Third Batch Of Lethal S-400 Triumf Missile Defence Systems Delivered To Russia

Almaz-Antey Air and Space Defense Corporation JSC delivered the third batch S-400 Triumf missile defence system to the Russian Ministry...

Cold-War Cold-War
Americas18 hours ago

Who Is Winning The Race Between US, Russia & China To Develop World’s First Sixth-Gen Fighter Jet?

So far, the US is the only country to develop, operate and sell its fifth-generation fighter jets, while China and...

sukhoi-su-35 sukhoi-su-35
Featured22 hours ago

Setback For Su-30 As Russian Su-35 Jet Shoots It Down After An Intense Dogfight

In a bizarre incident that happened over the Russian skies on Tuesday, a Russian Su-35S fighter jet reportedly shot-down Su-30SM...

Gangayaan-ISRO Gangayaan-ISRO
Featured1 day ago

ISRO’ Satellite Communications Attacked By Chinese Hackers – CASI Report

While concerns over China’s increasing space warfare capabilities have been highlighted in a recent Pentagon report, another U.S. think-tank has...

DRDO-INDIA DRDO-INDIA
Featured1 day ago

India Tests Powerful Short Range Prithvi-II Missile Amid Soaring Tensions With China, Pakistan

The Defence Research and Development Organisation (DRDO) of India has successfully test-fired the indigenous Prithvi – II missile, the third...

jet jet
Europe1 day ago

Doors Still Open For India To Co-Develop ‘Tempest’ Sixth-Gen Fighter Jet With The UK

In 2007, India and Russia had agreed to jointly build a fifth-generation fighter jet called Sukhoi/HAL Fifth Generation Fighter Aircraft (FGFA)...

rafale-jets rafale-jets
Featured1 day ago

36 More Rafales: France Wants India To Order More Rafale Jets For DRDO To Acquire Aero-Engine Tech?

As Indian netizens have widely celebrated the arrival of 4.5 generation Rafale jets and the Indian media threatening Pakistan and...

Advertisement