Singles Day sales are $ 24 billion so far for Alibaba
Singles Day of the Year comes as Alibaba's growth is under pressure from China's declining economy and the trade war with the United States.
A recent survey by research firm Oliver Wyman found that buyers expect to spend almost 1[ads1]0% more on Singles Day this year compared to 2018. However, that may be a sign of slowing growth. Last year, Alibaba reported a 27% rise in Singles Day revenue.
"Singles Day is held as a watch with Chinese consumers' willingness to spend in the face of a domestic slowdown," wrote Jeffrey Halley, senior market analyst for Asia Pacific in Oanda, in a note Monday. But "deeply discounted prices always bring consumers out to play, no matter how bad the economy may be," he added.
Singles Day is an informal holiday in China that celebrates unrelated people. The date of November 11 was chosen because the date is written as four, or singles.
Alibaba began offering Singles Day discounts in 2009 and has since made the day a 24-hour online shopping bonanza in China. [19659013] Other Chinese e-commerce platforms such as JD.com and regular brick-and-mortar stores are also participating, and the event is starting to gain momentum outside China. Alibaba's Southeast Asia subsidiary Lazada offers Singles Day discounts in Singapore, Malaysia, Indonesia, Thailand and Vietnam. Brands such as Nike ( NKE ) and Brooks Brothers offer discounts on Singles Day on their US websites.
But the Singles Day event in China is arguably the most splashiest.
