Chinese consumers smash 'Singles' Day' shopping record
Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree despite an economic slowdown and worries over the US trade war, with state media calling it a sign of China's rising economic strength.
E-commerce giant Alibaba said consumers spent $38.3 billion on its platforms on Monday during the world's biggest 24-hour shopping event, up 26 percent from the previous all-time high mark set last year.
The growth rate slowed slightly, however, from the 27 percent increase last year and 39 percent in 2017.
I'm in China now. I bought a rice cooker. List price is 518 Yuan (about $74). 11.11 price was 219 Yuan (about $31) and the first hour on 11.11 was 109.5 Yuan (about $16). A lot of things were half price and the first hour cut another half price. My wallet emptied in the first 10 minutes.
“Analysts however, note that it would be difficult for Alibaba to maintain past growth rates forever...”. Yet western media constantly says China’s slowing growth rate is a sign of their collapse. Did you expect them to grow at 20% forever?
Timur23 hours ago
The competitions between Chinese suppliers are getting fiercer. Only the most efficient and better products will survive. It is capitalism.
One day China will own the USA the wealthy will sell it to them! and YOU will have a new master.
cup of tea6 hours ago
US 4-day thanksgiving sale last year is only 60Billion total. That is almost the same of Alibaba and JD add together: 58B. If you count in other online sellers like Pinduoduo, it is easy to top 100B dollars of sales for singles day shopping.
China's economy is much bigger than the official GDP. Because a lot of grey transactions were not counted in. Not like in US, literally every transaction is recorded.
9394 53548 hours ago
You can harvest lots of sour grapes here.
cup of tea11 hours ago
Alibaba planed to let 3 million US small sellers to join the ecosystem in China. Yet the trade war put everything on halt.
Maki3 hours ago
If record is a million dollar short. I be news outlets will be playing a different tune and depict China's economy as slowing down.
baron48us16 hours ago
So they gave a way a bunch of stuff to make sales look better for one day?
Decades of the one-child policy have resulted in hundreds of millions of unmarrieds.
Alex14 hours ago
Years ago, there were 1,000's of anti-China trolls everywhere. Now with China's success, the numbers have dwindled to just a handful today. Shamelessly, many of these anti-China losers now holds multiple Yahoo accounts to thump down positive China comments.Wonder where have these losers gone. Well done China indeed.
stacco18 hours ago
it will do china good to remember confucius "showing your wealth is inviting jealousy and hatred, disaster will follow"
Nope. I’m an American living in China. Everyone I know spent thousands yesterday shopping. How about you? Credit card debt too much?
Great news from China indeed.
Star_Light5 hours ago
This is nice ..
China launches world's largest 5G mobile network
Jing17 hours ago
@baron48us Chinese company Lenovo is top 2 computer seller in the world.
Jing17 hours ago
@baron48us Huawei, extremely competitive on technology, and is dominant around the world outside the US, which US is so scared of and wants to kill.