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Chinese splurge £19bn in 'Singles' Day' shopping spree

13 November 2017

During its annual Singles Day event, which took place yesterday, Alibaba recorded sales (or gross merchandise volume, GMV) of $25.3 billion.

"We want to make Singles' Day a more global event", Zhang told Bloomberg in an interview in Shanghai.

Promoted by Chinese e-commerce giant Alibaba, which claimed more than a million retailers worldwide took part this year, including for the first time U.S. department store Macy's, each year on 11 November companies offer discounts on a range of products for a limited 24-hour period.

In China November 11th is known as the Single's Day and was declared a decade ago.

That's almost double the sales from Black Friday and Cyber Monday in the United States combined, according to technology news website The Verge.

Saturday's sale netted Lazada a pretty respectable $123 million in sales, or 6.5 million items, almost three times last year's performance.

"Sales of appliances and mobile phones 3/8 both were dragged by weaker growth in September. mainly due to competition and slow seasonality", said TH Data Capital analyst Tian Hou in a research note ahead of the earnings. At one point, the company was processing 325,000 orders a second.

Meanwhile, JD.com reported sales of $19.1bn, up by 50 percent on last year's figure. The company also sold 100,000 microwave ovens in sixty minutes.

More than 40% of the brands taking part this year came from outside China, according to eMarketer.

JD is expanding rapidly into offline stores and overseas markets, as rival Alibaba continues to invest heavily in logistics and retail alongside its marketplace business, edging further into JD's territory. Ma's company spent billions buying into grocers, shopping malls and even department stores years before Amazon announced its $13.7 billion acquisition of Whole Foods Market Inc.

Lazada became majority owned by Alibaba, after the latter doubled its investment in the company to close to US$2 billion earlier this year.

Chinese splurge £19bn in 'Singles' Day' shopping spree