Singles Day is bigger than Black Friday and Cyber Monday combined
Singles Day sales for Alibaba top $38 billion, breaking last year’s record
China’s annual Singles Day online shopping bonanza brought in a record $38 billion in sales for Alibaba.
The country’s biggest e-commerce company had already topped last year’s record 16 1/2 hours in, before it posted a final tally of 268.4 billion yuan ($38.4 billion) at the end of the day.
That’s an increase of about 25% over last year’s $30.8 billion, a slightly slower rate of growth than Alibaba (BABA) recorded in 2018, when the company reported a 27% uptick in Singles Day revenue.
Analysts had warned of weaker growth this year given China’s slowing economy and the trade war with the United States.