Chinese e-commerce giant Alibaba set a sales record on Singles Day, the world’s largest 24-hour shopping event.
In Brief:
- The platform posted a 26% rise on last year's performance.
- This was the 11th edition of the annual Singles Day event.
- Alibaba’s new record comes as it faces stiff competition from domestic rivals including JD.com and Pinduoduo - both of whom also offer their own sales.
What this means
Chinese online demand for consumer goods (and Western brands) continues to surge despite a domestic economic slowdown - perhaps because of aggressive discounting. Alibaba’s Singles Day sales regularly racks up bigger sales than Black Friday and Cyber Monday combined.
