Source:
https://scmp.com/tech/enterprises/article/2172523/alibabas-singles-day-sales-hit-1-bln-yuan-less-60-seconds
Tech/ Enterprises

Alibaba sets record US$30.8 billion for Singles’ Day sales, underscoring resilience in consumer spending

  • Sales tally surpassed last year’s record at 3.49pm on Sunday
  • Singles’ Day sales performance increasingly seen as a barometer for China retail health and consumer confidence
Daniel Zhang, CEO of Alibaba Group, making a speech in Shanghai after the 2018 Singles’ Day Shopping Festival ended at midnight on Sunday, setting a record of 213.5 billion yuan. Photo: Simon Song

Alibaba Group Holding set a record 213.5 billion yuan (US$30.8 billion) in Singles’ Day sales, underscoring the resilience in consumer spending in the world’s second-biggest economy.

The gross merchandise value was about 27 per cent higher than last year’s tally, also a record, which was surpassed mid-afternoon on Sunday. Sales were helped by the participation of Alibaba’s Southeast Asia unit Lazada Group. The final tally excluded sales from other businesses that participated in the shopping festival, such as Ele.me and the Hema supermarket chain.