The annual "Singles & # 39; Day" of retail giant Alibaba, a daily bestseller for nearly all products it sells, has just begun and has already generated an above-average amount of money for the Chinese company.
Revenue was $ 800 million in the first minute and $ 8.7 billion in the first 20 minutes the deals were online, according to Bloomberg. Last year's revenue was over $ 30 billion, a giant leap from the $ 25 billion in 2017.
The event, which originally began in the 1990s at Chinese universities, took place on November 11, and was launched as a kind of retribution for Valentine's Day to celebrate Singletons. Many Chinese companies, from Alibaba's Tmall and Taobao locations to JD.com and Pinduoduo, have prepared for today and made it into an international shopping spree for the USA and Europe with their equally invented Prime Day shopping vacation.
In recent years, international brands and stars have tried to use the shopping event. According to the New York Times, US companies such as Procter & Gamble and Coca-Cola are now among the best selling brands on Singles & # 39; Day. US pop star Taylor Swift was selected to perform at the inaugural Alibaba event, similar to this year's Prime Day. Swift's latest album, Lover, sold better in China than in the US. Reality TV star Kim Kardashian also entered the Chinese retail business this week, broadcasting live streams on Taobao with local influencer Viya, to introduce their NPP cosmetics line to some 12 million viewers.
While the event was gigantic last year, especially compared to the $ 8 billion spent on Cyber Monday shopping in the US in 2018, growth slows. According to Reuters, Alibaba expects some 500 million people to attend Singles & # 39; Day this year, up from 400 million the year before. The bacchanal of retail will be seen as a test of China's economic health, amidst the ongoing US trade war and growing concern that its economic growth may decline to levels unseen since the early 1990s.