Chinese consumers set new Singles’ Day record with sales of US$38.4 billion in 24 hours

China’s e-commerce platform Alibaba recorded its highest Singles’ Day sales figures yet, racking up 268.4 billion yuan (US$38.4 billion) in 24 hours on November 11, 2019. The shopping festival, which falls on November 11 every year, is the world’s largest of its kind, where shoppers scoop up everything from consumer electronics to luxury items and even cars. The festival was being closely watched this year as a barometer for consumer sentiment, 16 months into a US-China trade war and amid a slowdown in the Chinese economy. Alibaba Group Holding is the parent company of the South China Morning Post.