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Alibaba sales break Singles' Day record in China


Business

Alibaba sales break Singles' Day record in China

China’s e-commerce market leader Alibaba says online sales during Singles’ Day have exceeded last year’s total of $9.3 billion (8.6 billion euros).

It’s thought the company, which six years ago turned November 11 into China’s equivalent of the American shopping event Cyper Monday, could see this year’s sales rise by almost 50 percent.

The country’s second largest e-commerce firm JD.com also said it broke last year’s full-day total just before noon.

Singles’ Day began as a mock celebration for people not in relationships. It features steep discounts and other promotions, and is being closely watched as a gauge of Chinese consumption – and the slowdown.