Alibaba sets new Singles Day 11.11 record as sales hit $30.8 billion

New sales record surpassed old record from 2017
Online momentum appears to have slowed down
This remains the largest online shopping event in the world

Alibaba broke its Singles' Day online shopping sales record on 11 November when gross merchandise volume reached $30.8 billion. This beat last year's $25 billion, which was surpassed in just 15 hours and 49 minutes. Despite the record sales, the annual shopping festival for singles which the ecommerce giant invented maybe losing momentum.

This year's sales number grew a slower 27% as compared to 36% a year ago. Notwithstanding the slowdown, it remains the largest single day online shopping event and supply chain operation in the world, far overshadowing the US' Cyber Monday and Black Friday held over the Thanksgiving weekend.

Over 40% of consumers who made purchases were from overseas. Sales from 237 brands exceeded RMB100 billion ($14.4 billion) in GMV, including leading international brands Apple, Dyson, Kindle, Estée Lauder, L’Oréal, Nestlé, Gap, Nike, and Adidas.

Top selling countries to China include Japan, the United States, South Korea, Australia, and Germany. Lazada participated in 11.11 as part of the Alibaba ecosystem, bringing the festival to consumers in Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam. The 11.11 shopping festival began in 2009 with participation from just 27 merchants.

Daniel Zhang, CEO of Alibaba Group said:

"Today we witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles. Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before. Looking ahead, Alibaba will continue to lead the evolution towards the future digital economy and lifestyle."

Alibaba