POLITICALIFE: Chinese Splash $35 Billion On Singles Day

Alibaba Singles’ Day 2018 All You Need to Know and How to Shop From India

Alibaba Group Holding Ltd. logged 10 billion yuan ($1.44 billion) in sales in the opening minutes of its annual Singles' Day extravaganza, outpacing last year's start and on pace to smash a record as shoppers swarmed the e-commerce giant's online bazaars.

"Having said that, there are more consumers who still enjoy shopping at double 11 than those that don't", he said.

"China's growth story is similar to the United States, where price is key in driving adoption", said Shelleen Shum, forecasting director at eMarketer.

Chinese e-commerce platforms have come under fire in the past for peddling low-quality and counterfeit items. The e-commerce giant launched the annual online shopping promotion on November 11, 2009.

Singles Day, also known as 11:11, celebrates single people, giving them permission to buy themselves or others a present. Now, it's become an excuse for people to shop, eat and binge on entertainment shows.

The occasion also has big environmental implications.

Sales were helped by the participation of Alibaba's Southeast Asia unit Lazada, as well as subsidiaries Ele.me, Koubei, supermarket chain Hema and other business units. This year's November 11 gala offers a glimpse of consumer sentiment in China as USA tensions and a tit-for-tat tariff war depress stock markets and threaten to dampen the world's No. 2 economy.

Southern California fires force evacuation of entire city of Malibu
Video from the scene shows firefighters battling to extinguish burning buildings, as the sky glowed orange and filled with smoke. This morning at 7:00am, the Los Angeles Fire Department reported via Twitter that the fire is an "imminent threat" to Malibu.

Washington imposed tariffs on $250 billion worth of Chinese goods since the trade war began in July, while Beijing has imposed tariffs on $110 billion of US goods in retaliation.

Alibaba's Tmall platform saw $US1.44 billion in sales in the first two minutes of Singles' Day, which began at midnight, according to Chinese news agency Xinhua.

A screen shows the gross merchandise volume, a measure of sales, after two seconds of Singles' Day sales.

Alibaba's Singles' Day sale apparently is world's biggest sale even bigger than America's Black Friday and Cyber Monday combined. Skincare products were also among the most-bought items from overseas, the data showed.

Alibaba hosted a star-studded gala on Saturday night in Shanghai, featuring superstar singer Mariah Carey and Cirque du Soleil to pump sales.

To compensate, the company will take in less commission from its platforms in the near term in order to retain brands and attract new buyers, it said. Down payments for consumer electronics on Tmall have jumped almost six-fold year-on-year, with popular brands including Apple, Huawei, Siemens and Dyson, state run China Daily reported.

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