39% increase to $25 billion for a single day’s retail sales: not bad

Reuters:

Alibaba (BABA.N), the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event. As tills shut midnight on Saturday, Alibaba’s live sales ticker registered 168.3 billion yuan, up 39% from 120.7 billion yuan last year. Last year, the sales number rose by nearly a third at the eighth iteration of the event – though that was slower than the 60% increase logged in 2015. “A lot of the lower hanging fruit has been picked and there’s increased competition for a share of consumer spending,” said Matthew Crabbe, Asia Pacific research director at Mintel. The sale did though beat his forecast of 20% growth.

Bonus fun: this is amusing, and two thoughtful guys comment on human frailty (here and here).

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