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Singles’ Day record spending almost US$18billion

Saturday, 12 November 2016

alibaba single day sale

SHANGHAI: Chinese shoppers unleashed a record deluge of cash online for Singles Day on Friday, Alibaba said, spending almost US$18bil (RM79bil) with the e-commerce giant in the world’s biggest online shopping promotion.

Singles’ Day, named for the repeated digit 1 in the date Nov 11, was created by Alibaba in 2009.

Now in just 24 hours it surpasses the main US online spending spree, the five days from Thanksgiving to Cyber Monday. 

Gross merchandise volume, Alibaba’s key measure of online sales, was 120.7 billion yuan (RM77.8bil) this year — more than the GDP of Jamaica and well up from 91.2 billion yuan (RM58.8bil) in 2015.

Consumers spent more than US$1bil in the first five minutes of the sales.

Alibaba’s New York-listed stock has been buoyant this year in spite of worries over slowing growth in China, as consumer spending has expanded while the old industrial economy struggles due to overcapacity and sluggish demand. 

China’s economy expanded at its slowest rate in a quarter of a century last year and has eased further this year, as Beijing tries to shift growth drivers from investment and exports to domestic consumption.

Source by: Internet

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