China’s e-commerce giant Alibaba set yet another record for the Double 11 shopping festival
China’s e-commerce giant Alibaba set yet another record for the Double 11 shopping festival, hitting 10 billion yuan ($1.44 billion) in sales just 2 minutes and 5 seconds after the annual November 11th online shopping spree began at midnight Saturday.
In 2017, it took shoppers on Alibaba’s Tmall 3 minutes 1 second to rack up 10 billion yuan in sales, breaking the previous year’s record of 6 minutes and 58 seconds.
By noon Sunday, 167 brands reported sales 100 million yuan during the shopping spree. By 15:49 pm, total sales broke the record of last year’s entire-day sales for the Double 11 shopping carnival.
As of the press time, at 10:30 pm on Sunday, the sales number reached 200 billion yuan.
Also revealing in the shopping spree’s statistics is that US shoppers splurged despite the China-US tit-for-tat trade friction.
This year’s record sales also reflect Chinese people’s strong spending power potential, even though the country is under pressure from a softening of its domestic economy and strains from unresolved trade conflicts, experts said.
Cong Yi, a professor at the Tianjin University of Finance and Economics, said that China still has a vast space of as yet unmet domestic consumption need.
"China has already achieved a middle income level on average, and this income level has helped propel and stabilize China’s domestic consumption in recent years," he said.
Strong consumption capabilities in China have already been proved by Chinese buyers’ performance during the China International Import Expo, which closed Saturday, the day before the Double 11. Purchasers from China pledged to spend $57.8 billion on imports during the event, data from the Xinhua News Agency reported on Saturday.