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- Alibaba’s Singles Day sales reportedly surpassed $ 74 billion, nearly double the previous record.
- The major shopping holidays are usually bigger than Black Friday and Cyber Monday combined.
- Alibaba says that strong initial figures indicate that demand in China is recovering after the coronavirus.
- Visit the Business Insider home page for more stories.
Alibaba’s Singles Day sales surpassed $ 74 billion, the Chinese retail giant reported shortly after midnight.
Singles’ Day on November 11, or Double 11, is a Chinese shopping holiday started by online retailer Alibaba to celebrate single people, as opposed to Valentine’s Day, although the day primarily revolves around available online offers. Sales every year get over Black Friday and Cyber Monday combined, making it the largest shopping event in the world.
This year, Alibaba has adopted part of the same strategy as US retailers around Black Friday, expanding the sale. Some sales began between November 1 and 3, including US brands such as Adidas, Nike and Apple. Alibaba did not release sales figures for the first window of Singles Day, but said in a statement that sales “indicate a strong rebound in consumption and demand higher than ever in China.”
Alibaba Group Executive Vice President Joe Tsai said at a live-streamed event that the Chinese economy has recovered to pre-pandemic levels, pointing to the 17% year-over-year growth of e-commerce in China. As of 11 p.m. in China, American companies surpassed $ 5 billion in sales, the most of any country outside of China.
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