Singles' Day Sales in China Hit $ 1 Billion in 85 Seconds for Alibaba

This happened despite the tariffs and other challenges to Chinese technology.
Singles' Day Sales in China Hit $ 1 Billion in 85 Seconds for Alibaba
Image credit: Alibaba vía Engadget

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
2 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
This story originally appeared on Engadget

Chinese internet giant Alibaba likes to brag about its online shopping records, and that was truer than ever in 2019. The company's annual Global Shopping Festival, also known as Singles' Day , broke the 2018 record. selling $ 30.8 billion worth of products in 230 countries in the space of 24 hours, a sizable 27 percent increase over the $ 25.3 billion in 2017. It took Alibaba just 85 seconds to sell its first $ 1 billion and one hour to exceed 10 billion dollars. That's way more than America's holiday sales get: For context, Black Friday 2017 "only" generated $ 5 billion in online sales .

The brands that benefited the most from the event were Apple, Dyson, Gap and Nike, among other big names.

While not everyone is necessarily interested in celebrating a shopping frenzy (the event is basically an ode to unfettered consumerism), it is not a minor feat considering the obstacles Alibaba had to face. US tariffs potentially affected the cost of some products, and the Chinese yuan is not worth as much as the previous year. Alibaba also cut its revenue expectations as a result of its uncertain future. This suggests that the festival is large enough to be independent of the ups and downs of China. Like it or not, it is a cultural institution for some people.

More from Entrepreneur
Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!
  1. Schedule a FREE one-on-one session with a Franchise Advisor
  2. Choose one of our programs that matches your needs, budget, and timeline
  3. Launch your new franchise organization
Through 5/27/21, save on our collection of recommended social media books, including:
  • No B.S. Guide to Direct Response Social Media Marketing
  • Ultimate Guide to Youtube for Business
  • Ultimate Guide to Facebook Advertising
  • And more
Make sure you’re covered for physical injuries or property damage at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur