Alibaba Creates New Singles Day Record

(RTTNews) - Chinese e-commerce giant Alibaba has created a new sales record on Singles Day.

Singles' Day is a shopping holiday popular among young Chinese people that celebrate their pride in being single. The shopping festival is held on November 11. This year was the 11th edition of the annual Singles Day event. During the 24-hour period, which began at midnight in Singapore and Hong Kong, Alibaba offered huge discounts across its e-commerce sites such as Tmall.

It generates bigger sales than Black Friday and Cyber Monday combined as last year's Alibaba's sales were RMB213.5 billion or $30.7 billion in just 24 hours.

This year, sales was 268.4 billion yuan or $38.3 billion, a 26% rise from last year.

Sales had reached $12.01 billion in the first hour for Alibaba and within an hour and a half, Alibaba's sales exceeded the total reached on Singles Day in 2016.

Some of the top-selling products in the day included the 5G version of Huawei's Mate 30 Pro smartphone, as well as Apple's iPhone 11 Pro and Pro Max.