E-commerce

Alibaba Singles Day enjoys record-breaking sales

Photo by istock.com

November 11, 2020

The annual Alibaba Singles Day event will set a new sales record despite a substantial stock plunge in China.

The shopping day, which has been a 24-hour event in past years, started with discounts on Nov. 1, according to a CNBC report.

The gross merchandise value had hit $56.42 billion as of Nov. 11 and was not the final figure as the shopping event will end on Nov. 12. In the past it has generated more sales than U.S shopping events Black Friday and Cyber Monday combined, according to the report.