China's Alibaba breaks Singles Day sales record
Chinese e-commerce giant Alibaba announced early Monday that it set another sales record on its Nov. 11 Singles Day promotion, the world's biggest shopping holiday of the year. Alibaba said it sold $30.8 billion worth of goods, easily beating last year's $25.3 billion Singles Day total.
Singles Day sales have grown in recent years to exceed those racked up in the U.S. during the whole of Thanksgiving week, Yahoo Finance reports. Despite the big number, Singles Day sales growth slowed in its 10th year, falling to 27 percent from 39 percent in 2017. Shoppers ordered more than 1 billion packages from 180,000 brands on Alibaba and its affiliated services.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
