Alibaba's Singles Day beats Amazon Prime Day

Alibaba's Singles Day beats Amazon Prime Day

Hong Tao, an economics professor at Beijing Technology and Business University, said Singles Day encourages shoppers to prioritize cheap prices over high quality, causing them to purchase items they don't need.

This year, the company surpassed last year's full-day sales record of 168 billion yuan in just under sixteen hours.

The Alibaba Singles' 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. Singles Day looks set to grow and grow and is already the world's biggest shopping event.

Almost $6.6 billion in sales were made on Cyber Monday in 2017, up about 17 percent from the previous year, according to Adobe Analytics.

Now in its 10th year, the clamor for deals and discounts known as Singles Day was heralded with characteristic fanfare by Chinese e-commerce giant Alibaba, which has turned an unofficial holiday for people without romantic partners into a yearly windfall for digital retailers.

Alibaba Group Holding Ltd. expects strong sales of American products on its web marketplaces during the Singles' Day shopping extravaganza, despite the tit-for-tat trade war with the USA and a slowing Chinese economy.

Alibaba Group Executive Chairman Jack Ma was present at the gala night for countdown to the Global Shopping Festival 11.11 in Shanghai.

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Here is a history of Singles' Day through the years.

More than 180,000 Chinese and worldwide brands helped celebrate the 10th 11/11 shopping spree, which also featured televised entertainment from names such as Cirque du Soleil and Mariah Carey. "It's when retailers use the best products and best prices to show their gratitude to our consumers".

Analysts said the sales continue to be cannibalised by competing events, including the "618" festival spearheaded by Alibaba competitor JD.com Inc in June.

"Having said that, there are more consumers who still enjoy shopping at double 11 than those that don't", he said.

Early sales figures are an indication that China's ongoing trade war with the United States has done little to dent domestic consumption so far.

To compensate, the company will take in less commission from its platforms in the near term in order to retain brands and attract new buyers, it said.

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