Chinese singles' day blows away Thanksgiving weekend

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Some analysts had feared that the full 24-hour event would be held back by a slowing overall e-commerce industry in China at a time when the country's economic expansion is heading towards a historic low.

More than 22,000 overseas brands from 200 countries and regions have participated in this year's shopping spree in China, according to Alibaba.

The first Singles Day, staged by Alibaba in 2009, racked up sales of US$7.8 million. In fact, the company registered sales of $1 billion within the first 68 seconds into the online shopping festival and $10 billion in the in half an hour. The figure is two thirds of last year's final tally of US$30.8 billion.

What just happened? Black Friday and Cyber Monday might bring in billions of dollars, but their combined sales still pale in comparison to Alibaba's Singles' Day.

More than 200,000 brands, many from the USA, participated to access more than 500 million Chinese consumers. Some of the global brands included Adidas, Apple, Estée Lauder, Gap, H&M, Lancôme, L'Oréal, Nike, Olay, Uniqlo and Zara. Soon after 11 hrs, Alibaba reported GMV had surpassed $25 billion.

As of 3:57pm, total GMV exceeded $30 billion.

On the Alibaba platform, the most popular products on Singles' Day are clothes and daily necessities, such as skin care, health and baby products.

One vendor, New Zealand-based nutritional supplement maker Clinicians, broadcast livestreams from a booth set up on Alibaba's campus.

Asian shares decline on renewed China-US trade worries
S&P 500 e-minis were down 12 points, or 0.39 per cent and Nasdaq 100 e-minis were down 31.75 points, or 0.38 per cent. The company also said it received a positive response from a test of its planned streaming service, Disney Plus.

As e-commerce giants work to extend their reach into rural regions, 1.88 billion packages were delivered from 11 November to 16 November a year ago, an annual increase of nearly 26%, the State Post Bureau said.

Figures released earlier Monday showed that sales hit 10 billion yuan after just one minute and 36 seconds into Monday.

Visit Business Insider's homepage for more stories. Consumers are able to shop immediately for the products they see on the livestreaming platform.

In 2018, Alibaba recorded 27 percent sales increase during Singles' Day.

Sales of Tmall's first shopping festival totalled about 52 million yuan. On Wednesday, Kim Kardashian did a livestream announcing her fragrance brand KKW will be available for sale on Tmall.

Alibaba, the Chinese e-commerce leader, set a sales record on Singles Day, flying past last year's record of almost $30.5 billion in sales by Monday afternoon across its platforms.

According to a Coindesk report, the new program will only be available for purchases in the United States.

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