Chinese spend $1 billion in 68 seconds on Alibaba

Chinese spend $1 billion in 68 seconds on Alibaba

This milestone was reached in 85 seconds last year, for “Singles’ Day” in China. 27 billion euros had been spent in 24 hours.

A counter displays the sales balance for November 11 in China,

Sixty-eight seconds: this is the time that Chinese consumers took overnight from Sunday to Monday to spend their first billion dollars online during the traditional “singles party“, considered the largest global operation of balances, announced the giant of the sector Alibaba.

At 00:00 sharp, millions of consumers rushed to their computers or their mobile phones in the hope of benefiting from attractive discounts on a whole range of products, from electronics to ready-to-wear, including shoes or furniture.

Alibaba and other Chinese e-commerce groups have made a habit since 2009 of announcing discounts every November 11, the day dubbed the “singles party” because of the repetition of the figure “a(11/11). This buying spree exceeds in value that of the “Black-Friday“, the Friday following Thanksgiving at the end of November in the United States. The Singles’ Day, which is supposed to have a strong purchasing power, is thus the biggest global event in the distribution sector.

On Alibaba’s platforms alone, 7 billion yuan ($1 billion) was therefore spent in the space of 68 seconds… even faster than last year, when this milestone was reached in 85 seconds. This figure is the total value of goods purchased on these platforms, including shipping costs.

The milestone of 100 billion yuan (13 billion euros) was crossed in exactly one hour, 3 minutes and 59 seconds, or 43 minutes less than last year, assured Alibaba, which alone represents the half of e-commerce in China. The strength of purchases on November 11 is scrutinized by economists who are looking for clues as to the robustness of the country’s economy, in the grip of the trade war launched by the United States of Donald Trump.

Last year, the total turnover of the day of November 11 communicated by Alibaba reported 213.5 billion yuan (27 billion euros) of sales in the space of 24 hours. This was a slowdown in the pace of growth from one year to the next: turnover had indeed increased by only 27% in 2017, against +39% the previous year.

The group of the eccentric billionaire, hopes to raise 15 billion US dollars in Hong Kong, during an initial public offering which could take place soon, the agency Bloomberg reported on Friday.

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