POLITICALIFE: Chinese Splash $35 Billion On Singles Day
11 November, 2018, 19:46 | Author: Eric Barnett
Online shoppers in China have shattered last year's record of $24 billion in sales on the country's annual buying frenzy Sunday, as the tradition marked its 10th year.
While the company surpassed last year's sales just before 4pm, the rate is slower than last year when it broke the 2016 record around four hours earlier at midday.
The AlibabaSingles' Day sale brought in $3 billion within the first five minutes of the sale when transactions for items put on sale are recorded, said a Reuters report. Twenty minutes in, sales had surpassed $US6.5 billion. Alibaba's Tmall hosts a national television gala on November 10 with a countdown to the midnight start of Singles' Day that gives the event a New Year's Eve at Times Square feel.
Sales of Tmall's first shopping festival totaled about 52 million yuan.
Alibaba President Michael Evans said he was "not too concerned" about the trade fracas damping sales during the event that kicks off Sunday.
"Singles Day is different now - it has more tricks than before", Ren said.
The event was kicked off on Saturday with a gala featuring United States singer Mariah Carey, a Japanese Beyoncé impersonator and a shoe-shopping-themed Cirque du Soleil performance.
It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. The current chief executive will take over as schairman next year, Alibaba announced in September.
Ren Xiaotong, a 27-year-old accountant in Beijing, said she suspected online stores jacked up their prices in the lead-up to Singles Day so they could declare that items were discounted.
This is huge for the e-commerce platform, and it had racked in over $1 billion in just a minute and 25 seconds.
The occasion also has big environmental implications.
Earlier this month it revised down its full-year sales outlook by 4-6 percent, sending further chills through the company's stock price, which has dropped roughly 16 percent this year after nearly doubling in 2017.
Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted.
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