Shanghai, November 12 (TASR) – Chinese Internet giant Alibaba sold $ 31 billion at Singles Day shopping mall. This is a new record. On the other hand, sales growth was significantly eased compared to the previous year.
As part of the world 's 24 – hour largest buyout, a nonprofit company, Alibaba, sold $ 30.7 billion in goods on Sunday (November 11). This indicates a new record.
Exceeding last year's record, the company announced sales of $ 1.44 billion for the first two minutes, about $ 10 billion for the first time, and $ 18 billion for the nine hours. In the third case, there was an increase in sales of about $ 3 billion.
According to the latest data, despite China and US trade disputes, China's clothing market is still high. Analysts, on the other hand, expected sales growth to be higher, but the weakest 27 percent growth in 10 years. Compared to last year, sales increased by 39%.
Alibaba also said the prospects are unclear because the economy is already slowing down and the outcome of trade conflicts is hard to predict. Due to uncertainty about how the situation will develop in the future, Alibaba's sales volume deteriorated from the previous year at the beginning of November.
Source: Teraz.sk, news portal of TASR