Chinese ecommerce titan Alibaba enjoyed record sales during its Singles Day shopping extravaganza, The firm said 540.3 billion yuan (US$84.5 billion) was spent as China’s army of consumers went on a splurge. Sales rose by 8.5%, compared to the previous year.
Combined sales with industry rival JD.com came in at 889 billion yuan (US$139.4 billion) — equivalent to the GDP of many countries — which was also a record and up about a fifth from last year.
Both Alibaba and JD.com reported strong sales of items such as electric appliances, electronics, pet supplies, and cosmetics and other personal-care goods.
"Single Day" — so-called for the 11.11 date — began more than a decade ago and for years was a one-day, 24-hour event on November 11. But industry players expanded it recently into an extended promotion from November 1-11, with many retailers and platforms offering discounts and pre-sales even earlier.