Alibaba (BABA) had another incredible sales day with a reported $30.8 billion in sales in 24 hours, its 10th annual Singles’ Day sale. The growth actually slowed to 27% which was the slowest growth for the Chinese internet giant. The sales number dwarfs the revenue from all US retailers during Black Friday ($5 billion in 2017), Cyber Monday ($6.6 billion in 2017) and Amazon Prime Day ($4.7 billion in 2018) combined. That is an incredible feat and shows the power of the Chinese consumers.
Singles’ Day, November 11, was originally created as a student holiday in China to celebrate single people, a sort of anti-Valentines Day. Alibaba turned it into an online shopping festival in 2009 and is now the world’s largest online shopping extravaganza.
Some interested facts and figures from Singles’ Day:
