The chinese E-commerce giant Alibaba’s “Singles Day” festival has posted a record 120.7 billion yuan (16 billion euro) worth of sales.
However, the gala shopping day saw growth slow as Chinese shoppers searched for deeper discounts.
Alibaba Singles' Day Sales Pass 2015 Total, But Growth Rate Slows https://t.co/uBgkEcBZ86— Entrepreneur (@Entrepreneur) November 11, 2016
Amid fanfare and celebrity razzmatazz, sales on Alibaba’s platforms raced to 900 million euros in less than five minutes.
It broke last year’s total with almost nine hours of the day-long shopping gala to spare.
The final total marked a 32 percent rise from 2015.
However, growth was significantly lower than the 60 percent increase seen last year, a reflection, analsysts say, of more caution among shoppers.
Are there any other reasons for the slowdown?
It comes amid a more saturated domestic online retail market, a weaker economy and sluggish personal income growth hitting customers’ wallets.
A strong US dollar has also hit the headline sales figure in dollar terms.
What is “Singles Day”?
The 24-hour event, held annually on November the 11th, offers a benchmark for Alibaba’s performance.
It also provides insight into China’s swing to online shopping, especially via smartphones.
The discount shopping day for the unhitched and uncoupled still shifts more goods than the Black Friday and Cyber Monday sales days in the United States.
Swinging Singles’ Day: Alibaba holiday drives shoppers in China https://t.co/oR6nPyYRG2 🔓— Wall Street Journal (@WSJ) November 11, 2016
NPR Extra (@NPRextra) November 11, 2016
What they are saying
“On November 11, Singles Day, we see the huge potential of China’s consumer market. To achieve this much with out current, basic infrastructure, I am feeling extremely satisfied,” – Alibaba Chairman Jack Ma
The CEO of the Alibaba Group, Daniel Zhang, said Alibaba was seeking a “perfect way to combine entertainment, interaction and commerce.”