On Monday, Alibaba Group Holding Ltd said that its annual Singles’ Day shopping sales crossed the $30 billion mark at 4:31 p.m. This track has set a new record in its 11th year.
However, according to analysts, this year’s sales growth is likely to fall short of the year earlier due to the slowing of overall e-commerce industry in China. This event has become a shopping window for Alibaba, as the firm plans to sell shares worth $15 billion in Hong Kong this month.
Alibaba built the world’s biggest online sales fest by turning China’s informal Singles’ Day into a shopping event. This event dwarfed the Cyber Monday of the United States, which took $7.9 billion last year. Since, the event has since been replicated by rivals such as China’s Pinduoduo Inc. and JD.com Inc. along with South Korea’s 11thStreet and Singapore’s Qoo10.
Despite the grand event, Alibaba sales have weakened as China’s economy slowed. In the previous year, Alibaba posted a lowest in the event’s 10-year history 27% year-on-year sales increase.
The live performance by U.S. pop star Taylor Swift kicked off this year’s 24-hour shopping bonanza with a market value of $486 billion. In the first nine hours of the sales the e-commerce website hit $1 billion after one minute and eight seconds. It reached 158.31 billion yuan ($22.6 billion) in the first nine hours, up 25% from the same point last year.
In the first hour of the sales, the firm has said that 84 brands including those of Apple Inc, Fast Retailing Co Ltd’s Uniqlo, and L’Oreal SA made over 100 million yuan.