Alibaba Singles Day sales top $30 billion

Alibaba smashed its record for...

Posted: Nov 12, 2018 11:09 AM
Updated: Nov 12, 2018 11:09 AM

Alibaba smashed its record for the online retail blitz known as Singles Day.

China's biggest e-commerce company said sales topped $30 billion over a 24-hour period Sunday, soaring past last year's record of about $24 billion.

Alibaba Group

Companies

Asia

China

Continents and regions

East Asia

Southeast Asia

Business, economy and trade

Consumer behavior

Economic indicators

Economy and economic indicators

Economic policy

International trade

Trade and development

Trade regulation and policy

Trade wars

North America

The Americas

United States

The shopping extravanganza regularly racks up bigger sales than Black Friday and Cyber Monday combined. But this year's Singles Day comes as Alibaba's (BABA) growth is coming under pressure from China's slowing economy, new rivals in the e-commerce industry and the trade war with the United States.

The final tally on Alibaba platforms rang in at $30,802,477,608, an increase of about 27% over last year's total at current exchange rates. That's less spectacular than the 40% growth recorded in 2017.

A slowdown was expected "given that they have had exponential growth in the past," Xiaofeng Wang, an analyst with research firm Forrester, said ahead of the event. "As the festival matures and becomes more established, we can expect the growth rate to slow down."

Singles Day is an informal holiday in China celebrating people not in relationships. Its date — November 11, or 11/11— is meant to symbolize singletons.

Alibaba started offering Singles Day discounts in 2009 and has since turned the day into a 24-hour bonanza of online shopping in China.

Other Chinese e-commerce platforms like JD.com and regular brick-and-mortar stores also take part, and the event is starting to gain traction outside China. Alibaba's Southeast Asia subsidiary Lazada will offer Singles Day discounts in Singapore, Malaysia, Indonesia, Thailand and Vietnam.

But the Singles Day event in China is by far the splashiest.

International companies flock to Alibaba's celebrity-studded live telecast and its various online platforms, eager to hawk everything from liquor to sports cars.

Imported goods make up a significant amount of sales. A recent survey from research firm Oliver Wyman found that 57% of consumers expect to buy overseas goods during the event.

Japan, the United States and South Korea were the top three countries from which Singles Day shoppers bought products this year.

The United States remained in the No. 2 spot despite the trade war that broke out between the Trump administration and Beijing this year. Alibaba Executive Chairman Jack Ma said in September that the conflict with China's largest trade partner is hurting the company's business.

But on Singles Day, Alibaba executives played down concerns about the heavy tariffs that the two countries have imposed on each other, emphasizing that the company will continue to benefit from China's growing middle class.

"That trend is not going to stop, trade war or no trade war," Alibaba Executive Vice Chairman Joe Tsai said in a company blog post.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296745

Reported Deaths: 6783
CountyCasesDeaths
DeSoto19731230
Hinds18881393
Harrison16780282
Rankin12787265
Jackson12643229
Lee9703161
Madison9484203
Jones8005147
Forrest7250138
Lauderdale6847227
Lowndes6033140
Lamar590980
Lafayette5747113
Washington5229130
Bolivar4620124
Oktibbeha442194
Panola432396
Pearl River4193132
Warren4138115
Pontotoc410771
Marshall404492
Monroe3993128
Union396474
Neshoba3822170
Lincoln3564104
Hancock350277
Leflore3389119
Sunflower319286
Tate303374
Pike301796
Scott295271
Alcorn292463
Yazoo290865
Itawamba290275
Coahoma282069
Tippah279565
Copiah279259
Simpson276680
Prentiss271158
Wayne254541
Leake253172
Marion252778
Covington249780
Grenada248578
Adams235078
George232445
Newton231252
Winston221979
Jasper213845
Tishomingo212965
Attala206870
Chickasaw201453
Holmes182770
Clay179251
Stone173029
Tallahatchie171439
Clarke169672
Calhoun158528
Smith153033
Yalobusha145536
Greene127933
Walthall124540
Noxubee123131
Montgomery122939
Perry122235
Lawrence120621
Carroll119025
Amite112235
Webster111132
Jefferson Davis102731
Tunica99523
Claiborne99129
Benton93924
Humphreys93027
Kemper90423
Quitman77414
Franklin76219
Choctaw69817
Jefferson62827
Wilkinson62427
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 498076

Reported Deaths: 10094
CountyCasesDeaths
Jefferson716711387
Mobile36294737
Madison32616468
Tuscaloosa24340421
Montgomery22739519
Shelby22174218
Baldwin19873289
Lee15039157
Calhoun13832293
Morgan13753254
Etowah13390325
Marshall11448211
Houston10124264
Elmore9483190
Limestone9420138
St. Clair9022227
Cullman8984182
Lauderdale8612214
DeKalb8489175
Talladega7606165
Walker6585259
Jackson6545104
Autauga632492
Blount6236127
Colbert6001121
Coffee5264103
Dale4671107
Russell406933
Franklin399878
Covington3993106
Chilton3898103
Escambia379173
Tallapoosa3622143
Clarke344053
Chambers3431111
Dallas3422142
Pike293373
Marion288695
Lawrence284985
Winston258368
Bibb246160
Geneva240370
Marengo238857
Pickens225457
Barbour213651
Hale212269
Fayette202057
Butler201466
Henry183541
Cherokee178039
Monroe166739
Randolph164840
Washington156836
Macon147745
Crenshaw146255
Clay145954
Cleburne139841
Lamar133733
Lowndes132751
Wilcox122925
Bullock117336
Conecuh107024
Perry106127
Sumter99732
Coosa90224
Greene88532
Choctaw55323
Out of AL00
Unassigned00
Tupelo
Cloudy
51° wxIcon
Hi: 63° Lo: 42°
Feels Like: 51°
Columbus
Partly Cloudy
56° wxIcon
Hi: 67° Lo: 42°
Feels Like: 56°
Oxford
Cloudy
48° wxIcon
Hi: 59° Lo: 42°
Feels Like: 44°
Starkville
Partly Cloudy
54° wxIcon
Hi: 65° Lo: 41°
Feels Like: 54°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather