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Singles Day 2019: Alibaba Sets New Sales Record

Madeleine Johnson

Singles Day is a national holiday in China and the world’s largest shopping event. Young Chinese people celebrate their pride in being single, and the date, 11/11, was chosen because it resembles a person who is alone. This year was the 11th edition of Singles Day.

It’s hosted every year by Chinese e-commerce giant Alibaba BABA, and the company hit a new sales record: over $30 billion; gross merchandise volume (GMV) hit $12.01 billion in the first hour. This easily surpasses any single U.S. shopping holiday like Black Friday or Cyber Monday.

Some of the top-selling products included Apple’s AAPL iPhone 11 and Huawei’s 5G Mate Pro smartphone.

Alibaba wasn’t the only company offering deep discounts. Competitors JD.com JD and Pinduoduo all offered their own sales, as well as some of Southeast Asia’s e-commerce platforms like Lazada.

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Click to get this free report JD.com, Inc. (JD) : Free Stock Analysis Report Alibaba Group Holding Limited (BABA) : Free Stock Analysis Report Apple Inc. (AAPL) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research