Today was Singles’ Day in China, and Reuters is reporting that Alibaba Group Holding Ltd. posted 120.7 billion yuan worth of sales today (roughly $17.73 billion). To be clear, that’s in a single day.
That number is up 32 percent from last year, but much lower than the 60 percent year over year increase in 2015, suggesting the Chinese Singles’ Day consumers are becoming a little more spendthrifty.
Just to put Singles’ Day in a little perspective: It moves more goods than the U.S.’s Black Friday and Cyber Monday sales days combined.
Also noteworthy this year, 82 percent of Singles’ Day sales were via mobile sales, and Alibaba’s online marketplace posted $1B in sales in the first five minutes, some 175K orders per second.
The Guardian is reporting some of the big foreign bran winners: Apple, Nike, New Balance, and Adidas.
Single’s Day in China was started by university students in th 1990s who wanted to celebrate their bachelordom by buying themselves presents, and choosing November 11 for it’s “collection of lonely ones” (double eleven).
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