$20 billion spent within first hour of Singles' Day

It's Time for Alibaba to Slay the Monster Jack Ma Created

Chinese singles' day blows away Thanksgiving weekend

Taylor Swift's three-song concert launched the 11th annual Singles' Day and it took 68 seconds for sales to hit US$1 billion and just 30 minutes to reach US$10 billion in sales.

Held annually on November 11, China's so-called 11.11 Global Shopping Festival is now larger than USA equivalents Black Friday and Cyber Monday combined.

The Alibaba Group's various shopping platforms' total GMV exceeded $10 billion in just 29:45 seconds, and broke last year's record sales figure after 16 hours 31 minutes of the Global Shopping Festival going live.

"This was 6 hours and 45 minutes faster than the time when the same record was achieved in 2018", the Chinese e-commerce giant said.

Singles Day began in 2009, with 27 merchants teaming up to offer a unified online presence that aimed to raise the profile of internet shopping.

Singles Day was among the top trending topics on China's Twitter-like Weibo microblogging platform on Monday morning, with users discussing what they spent their money on.

US-listed Alibaba earlier this month said the company's sales revenue in the most recent quarter, ending on September 30, had slowed to 40 percent compared to 54 percent in the same quarter previous year.

The 2019 Singles' Day was the first such shopping event for Alibaba since its founder Jack Ma stepped down in September.

This year, more than 200,000 brands are participating, Alibaba said.

The 24-hour event comes as Alibaba's growth is under pressure from China's slowing economy and the trade war with the US. This year, Silicon Valley sneaker startup Allbirds is celebrating its first year as a seller on the platform, while brands such as Nike and Stuart Weitzman are serving up their own Singles' Day deals for US shoppers.

Rivals including JD.com, China's biggest online direct retailer, and electronics seller Suning joined in.

Following 24 hours, Alibaba Group's yearly 11.11 International Browsing Pageant, also identified as Singles' Day, has amassed a history-significant whole gross merchandise volume (GMV) of 268.4 billion yuan ($38.four billion).

"I think the prevalence of those products [is due to] Australia having a strong country image - clean, natural, those kinds of things are very attractive to the Chinese consumer", Zhou recently told Inside Retail.

Eager consumers also snapped up over 15,000 bottles of Kim Kardashian's KKW Fragrance perfume, after the reality TV superstar conducted a live-streaming session on Tmall last Thursday to promote the brand.

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