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On Singles Day Alibaba raised 38 billion US dollars

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On Singles Day Alibaba raised 38 billion US dollars
November 11
16:00 2019

A famous Chinese retailer Alibaba Group Holdings Ltd. has set a new sales record. It happened on Singles Day, which is annually celebrated by the Chinese on November 11.

This holiday was invented by students thirty years ago as opposed to Valentine’s Day. The date of 11.11 is associated with branches without leaves, that’s exactly how the Chinese call lonely people.

Alibaba started large-scale sales that day ten years ago. During this time, other retailers also have taken up the tradition. However, Singles Day is still associated exclusively with Alibaba.

During the day, the Chinese giant managed to gain about 38.3 billion US dollars. About half a billion buyers from all over the world participated in the sell-off craze.

For an hour and a half from the start, goods worth $ 16.3 billion were sold.

For comparison, a year earlier, on the Singles Day, goods worth $ 30.7 billion were sold, i.e. this year, indicators have increased 27%.

Singles Day surpasses American Black Friday in the number of goods sold; this year is unlikely to be an exception.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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