shoppers spend $14.33b in frenzied 24 hours of buying binge
China’s e-commerce industry set another jaw-dropping sales record
on Singles Day, the world’s biggest online shopping event, with Alibaba
reporting that about 91.22 billion yuan ($14.33 billion) was spent in 24
hours on Wednesday.
Jack Ma, executive chairman of Alibaba, said on Wednesday that
Singles Day represents only a small part of the huge potential for
domestic demand in China.
Hundreds of thousands of businesses benefit from Singles Day－not
only Internet companies, but also other companies that produce quality
"China has a middle-class population of 300 million. We believe
there will be 500 million within the next 15 years, which would bring
huge demand for high-quality products, therefore boosting economic
growth," he said.
China’s retail sales climbed 11 percent year-on-year in October,
the fastest gain this year, overcoming a slowing economy. With China’s
economy entering the phase of a new normal, consumption is seen by
China’s leaders as an increasingly important powerhouse to drive growth.
The frenzied online buying has sent shivers through China’s
thousands of malls and department stores. On Nov 4, Commerce Ministry
spokesman Shen Danyang said retail stores faced increasing pressure from
the booming online shopping sector, with some stores closing or
canceling their leases.
By the end of June, nine major retailers, including Dalian Wanda,
Parkson and Marks& Spencer shut down at least 25 stores in Beijing,
Shanghai, Guangzhou and other cities, Xinhua News Agency reported on
The online shopping festival was initiated by Alibaba in 2009.
Alibaba is not the only e-commerce player to successfully
stimulate domestic consumption on Singles Day. JD.com, Alibaba’s biggest
e-commerce rival in China, outperformed its sales record from last year
on Wednesday within 12 hours of the online shopping festival’s kickoff
at the stroke of midnight.