SHANGHAI, CHINA (NOVEMBER 11, 2018) (REUTERS) – Chinese e-commerce giant Alibaba Group Holding Ltd cashed a record 213.5 billion yuan ($30.70 billion) in sales on Sunday (November 11) during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest-ever rate.
Shoppers in China and across the world snapped up hot items including iPhones, furniture and milk powder starting pre-dawn, with Alibaba recording roughly $10 billion in sales in the first hour after midnight.
This year, the company surpassed last year’s full-day sales record of 168 billion yuan in just under sixteen hours. Despite the record haul, the annual sales growth rate fell from 39 percent to 27 percent, at the low end of analyst estimates, and the smallest rate in the event’s 10-year history.
Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping the sales of U.S. shopping holidays Black Friday and Cyber Monday combined.