China's Single's Day sales hit 1.4 bln Dollars in first 2 minutes

Daniel Fowler
November 11, 2018

By the 1 hour and 47 minute mark, that number had increased tenfold.

A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold. Items selling well included smartphones and other electronics, but also staples such as milk powder and diapers. This year, Alibaba appears set to break all records, with gross sales volumes at just over one hour accounting for more than half of the total sales volume in 2017.

Singles' Day had topped $6.5 billion in sales 20 minutes into its 11/11 event, which kicked off at midnight on Sunday in Shanghai. The company is focusing on the 300 million Chinese people who are expected to enter the ranks of the middle class over the next five years, Evans said. "I don't think this will happen".

What is Alibaba's Singles' Day sale? .

The US has slapped additional tariffs on $250 billion worth of goods demanding China to reduce $375 billion trade deficit.

The Alibaba Group surpassed last year's Singles' Day record with more than eight hours to go before the end of the 24-hour shopping festival, cementing its position as the world's biggest retail event and assuaging concerns that Chinese consumer sentiment is softening, Hong Kong-based South China Morning Post, which is owned by Alibaba, reported. The holiday originally didn't have much to do with shopping. However, it did begin life as a celebration of the bachelor life before being taken over as a celebration of relationships akin to Valentines Day until it again morphed into the Chinese version of Black Friday or Cyber Monday but 2.5 times bigger.

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

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Chris Lynn scored a run-a-ball 44 with three boundaries and two sixes and vice-captain Alex Carrey made 47 off 72. Reeza Hendricks and Aiden Markram (19) then carried out good recovery work, adding 28 runs for the second wicket.

Alibaba kicks off the annual event with a gala, which this year featured US singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

This is also likely to be Alibaba's last November sale event with founder and chairman Jack Ma at its helm.

Will Singles Day keep on growing? "It's when retailers use the best products and best prices to show their gratitude to our consumers". The current chief executive will take over as schairman next year, Alibaba announced in September.

This is huge for the e-commerce platform, and it had racked in over $1 billion in just a minute and 25 seconds.

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

Greenpeace estimated that by 2020, "biodegradable" packaging could produce roughly 721 truckloads of trash in China every day.

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.

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