Published: Sun, November 11, 2018
Money | By Armando Alvarado

China's Single's Day sales hit 1.4 bln United States dollars in first 2 minutes

China's Single's Day sales hit 1.4 bln United States dollars in first 2 minutes

During the first hour of the giant shopping event, known as Singles' Day or 11.11, referring to the date November 11, the top three brands sold were Xiaomi, Apple and Dyson, while the top categories were audio equipment, mobile phones and diapers.

Less than 10 minutes later, or 12 minutes and 14 seconds into the sale, GMV surged to 36.2 billion yuan, outpacing its 2013 levels.

The company settled roughly 69 billion yuan ($9.92 billion) in the first hour of Singles' Day on Sunday, up roughly 21% from last year's early haul of 57 billion yuan.

Sales on Sunday were already $US3 billion higher than at the same time last year, according to the South China Morning Post, putting Alibaba on target to beat last year's sales record of $US25.4 billion.

Health supplements topped the list of most popular imported items purchased by consumers in China as of 12pm, followed by milk powder, facial masks and milk powder, according to Alibaba.

A giant screen displays sales on Alibaba's online marketplace Tmall for Singles' Day shopping spree in Shanghai, east China, Nov. 11, 2018. The 24-hour sale had managed gross sales to the tune of $25 billion past year. Amazon does not release Prime Day sales figures, but the company said it was "the biggest shopping event in Amazon history", exceeding sales from Cyber Monday, Black Friday, and the previous Prime Day.

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Alibaba has also faced new challenges this year, such as new rivals in the market, a slowing economy and its stock dropping 16% thanks to China's trade war with the US.

Media captionAlibaba Singles Day: Dollars or data?

Alibaba kicked off this year's sales with a gala event that featured USA singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

The November sale event is expected to founder Jack Ma's last at the helm of the company.

The opening of 11.11 global shopping event was enlivened by performances featuring Mariah Carey, Cirque du Soleil and many more. The current chief executive will take over as schairman next year, Alibaba announced in September.

To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said.

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