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China’s Singles’ Day brings in a record-breaking $30 billion

Alibaba says it processed $1 billion in sales this year in just one minute and 25 seconds.

China’s Singles’ Day brings in a record-breaking $30 billion

[Photo: freestocks.org/Unsplash]

BY Michael Grothaus0 minute read

Singles’ Day is (also known as “Double 11” because it takes place on November 11, or 11/11 every year) is a Chinese holiday that began in 1993 and celebrates the pride in being alone, or single. The shopping holiday took place on Sunday and smashed its previous record of $25 billion in sales in 2017. 2018’s Singles’ Day saw Alibaba, which dominates the holiday in China, take in a record haul of 213.5 billion yuan ($30.7 billion) in just one 24-hour period, reports Reuters.

However, not all was good. This year’s Singles’ Day saw sales growth plummet from a 39% year-over-year increase in 2017 to just a 27% YOY increase this year. That’s the lowest growth rate in 10 years. Then again, the shopping holiday wasn’t all bad, with Alibaba saying it processed $1 billion in sales this year in just one minute and 25 seconds.

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ABOUT THE AUTHOR

Michael Grothaus is a novelist and author. He has written for Fast Company since 2013, where he's interviewed some of the tech industry’s most prominent leaders and writes about everything from Apple and artificial intelligence to the effects of technology on individuals and society. Michael’s current tech-focused areas of interest include AI, quantum computing, and the ways tech can improve the quality of life for the elderly and individuals with disabilities More


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