Alibaba Singles Day sales top $24 billion so far

CNN Technology 1 week ago
Jack Ma has become arguably the most public face of China's internet boom since he started e-commerce giant Alibaba 19 years ago.

Alibaba's online retail blitz known as Singles Day has pulled in $24 billion so far, China's biggest e-commerce company said on Monday.

The event regularly racks up bigger sales than Black Friday and Cyber Monday combined — and with more than half a day left in the shopping extravaganza, Alibaba (BABA) appears to be on track to surpass last year's $30 billion haul.

During Singles Day pre-sales, which kicked off three weeks ago, Estée Lauder (EL) raked in a record 1 billion yuan ($143 million) in pre-orders, Alibaba said on Sunday. Alibaba users also pre-ordered 100 million yuan ($14 million) worth of Apple (AAPL) iPhone 11s, the company said.

    This year's Singles Day comes as Alibaba's growth is under pressure from China's slowing economy and the trade war with the United States.

    A recent survey from research firm Oliver Wyman found that buyers are expecting to spend nearly 10% more on Singles Day this year compared to 2018. That could be a sign of weakening growth, though. Last year, Alibaba reported a 27% uptick in Singles Day revenue.

    "Singles Day is being held up as a bellwether of Chinese consumers' willingness to spend in the face of a domestic slowdown" wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a note Monday. But "deeply discounting prices always brings consumers out to play, no matter how bad the economy might be," he added.

    Singles Day is an informal, anti-Valentine's Day holiday in China celebrating people who aren't in relationships. Its date, November 11, was chosen because the date is written as four ones, or singles.

    Alibaba started offering Singles Day discounts in 2009 and has since turned the day into a 24-hour bonanza of online shopping in China.

    Other Chinese e-commerce platforms like JD.com and regular brick-and-mortar stores also take part, and the event is starting to gain traction outside China. Alibaba's Southeast Asia subsidiary Lazada offers Singles Day discounts in Singapore, Malaysia, Indonesia, Thailand and Vietnam. Brands like Nike (NKE) and Brooks Brothers are offering Singles Day discounts on their websites in the United States.

      But the Singles Day event in China is by far the splashiest.

      International companies flock to Alibaba's celebrity-studded live telecast and its various online platforms, eager to hawk everything from liquor to sports cars. Taylor Swift closed out this year's four-hour long show, performing three songs shortly before midnight.


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      Read also:
      Forbes › 1 week ago
      Topline: China’s $480 billion e-commerce heavyweight Alibaba has brought in $30 billion in sales with their Singles’ Day sales event, despite a slowdown in Chinese e-commerce.
      Business Insider › Finance › 1 week ago
      Alibaba's Singles Day isn't over yet but it's already crushing last year's sales results. As of Monday evening Beijing time, the online shopping giant had pulled in more than $33.9 billion in sales and counting. Last year, customers spent $30.8 billion...
      The New York Times › Finance › 1 week ago
      Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles' Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year's early haul of 69 billion yuan.
      Reuters › Finance › 1 week ago
      Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles' Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year's early haul of 69 billion yuan.
      One America News Network › Finance › 1 week ago
      SHANGHAI (Reuters) - Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles' Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour,
      Business Insider › Finance › 3 days ago
      Alibaba executives denied claims made by a user on the Chinese blogging site Weibo that the e-commerce giant inflated sales numbers around Singles Day. Peng Mei — project manager for communications on Singles Day and PR director of Tmall, the retail...
      USA Today › Technology › 1 week ago
      Chinese e-commerce giants Alibaba and JD.com reported nearly $60 billion in sales Monday part way through Singles Day.
      Business Insider › Lifestyle › 1 week ago
      On Monday, Alibaba sales hit $13 billion in the first hour of Single's Day, an annual shopping extravaganza created by the company's cofounder, Jack Ma. Ma announced that he would step down as the company's chairman on his 55th birthday on September...
      The New York Times › Finance › 1 week ago
      Chinese retailer Alibaba on Monday said sales for its annual Singles' Day shopping blitz jumped 25% in the first nine hours to $23 billion, nearly two thirds of U.S. rival Amazon.com Inc's online store sales in the latest quarter.
      UPI › Finance › 1 week ago
      Alibaba, the Chinese e-commerce leader, set a sales record on Singles Day, flying past last year's record of nearly $30.5 billion in sales by Monday afternoon across its platforms.
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