Alibaba’s Singles Day Breaks Last Year’s Record
Despite China’s slowing economy and tensions from the trade war, Alibaba’s Singles Day this year was its biggest ever, bringing in $31 billion in sales.
Singles Day is an unofficial shopping holiday in China, a sort of anti-Valentine’s Day that celebrates the romantically unattached. This year’s holiday was a boon for international brands such as Estée Lauder and Apple, which received millions of dollars worth of pre-orders during the Singles Day pre-sales.
“Singles Day is being held up as a bellwether of Chinese consumers’ willingness to spend in the face of a domestic slowdown” wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a note Monday. But “deeply discounting prices always brings consumers out to play, no matter how bad the economy might be,” he added.