China: Alibaba steams towards $14 bln sales record on Singles Day

Chinese online shoppers spent a whopping 91.2bn yuan (€13.33 bn; $14.32 bn) on Alibaba products in 24 hours during the Chinese Singles Day Global Shopping Festival, Wednesday, with officials in Hangzhou announcing one of the biggest single-day results in internet shopping history via video link. E-commerce giant Alibaba saw 60 percent sales growth on the Chinese commercial holiday, beating last year’s record of 57.1bn yuan (€8.35bn; $8.97 bn) before midday local time, as seen in the Hangzhou celebrations. Footage shows Alibaba reaching the 30 billion Yuan mark. Singles Day, held on November 11, is considered the world’s largest online shopping day in the international commercial calendar, outstripping both Cyber Monday and Black Friday in online sales.