Alibaba sold in the first half hour of the start of Singles Day goods for 372.3 billion Chinese yuan, converted almost 48 billion euros. Within one minute, the counter was already at 6 billion yuan, which is 770 million euro.
The company, which always repeats the number 1 in the numbers, reports that 11 minutes after people were able to shop, a mosquito spray was the very first item that was delivered to a customer. The emphasis is because Singles Day is usually only held on November 11.
The Chinese Shopping Festival Singles Day started this year extra early, with an additional sales period between 1 and 3 November to ease logistics. Due to the virus outbreak and the increased popularity of online shopping, this year’s expectations are particularly high. It seems to make the company a reality. In the first hour of this first offering period, more than USD 1.5 billion of beauty products were sold.
Singles Day is one of the new commercial ‘holidays’ where shopkeepers try to seduce consumers with discounts into making extra purchases. Alibaba also reports that the results so far show a strong recovery in consumer spending in China. They show why it is important for international brands and small companies to participate in the buying day.