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China Singles' Day sales near $4bn in first hour Singles Day on track to break record as sales near $8bn
(about 2 hours later)
China's Alibaba has made more than $3.9bn (£2.bn) in sales in the first hour of Singles' Day in China, the world's biggest online shopping event. Alibaba is on track to break its record for sales on Singles Day in China, the world's biggest online shopping day.
The figure is almost double the $2bn spent in the same time period of the retail giant's sales event last year. The e-commerce giant said sales hit $7.86bn (£5.2bn) just 10 hours into the 24-hour event, inching closer to the record amount of $9.3bn made last year.
Singles' Day, also known as "Double Eleven" because its held on 11 November, has become a major annual event for Chinese retailers. Singles Day, also known as Double Eleven because its held on 11 November, has become a major annual event for Chinese retailers.
Alibaba said more than $1bn was spent within the first eight minutes. Alibaba said more than $1bn was spent with it alone within eight minutes.
Read more: Why China's big brands are cashing in on singles It made over $3.9bn (£2.bn) in sales in the first hour, which is almost double the amount spent in the same time period of the sales event last year.
In the latest update on its news website Alizila, the company said that its gross merchandise volume (GMV) had hit $6.5bn.
That is already more than half the record amount of $9.3bn in sales it made last year, putting it on track to create new record.
In comparison, sales on Cyber Monday, which is the biggest online shopping day in the US, hit $1.35bn, according to ComScore.In comparison, sales on Cyber Monday, which is the biggest online shopping day in the US, hit $1.35bn, according to ComScore.
Read more: Why China's big brands are cashing in on singles
Analysis: Celia Hatton, BBC News, Beijing
The reaction to China's Singles Day shopping bonanza reflects the drama and excitement of China's capitalist holiday.
"I wanted two different coats, but they both sold out in the first three minutes of the sale!", complained one young woman online.
"I spent 2,000RMB last night ($315; £207)" exclaimed another. "Now I'm going to have to eat dirt if I'm hungry because I'm broke!"
But don't mistake the rush to spend as a sign the Chinese economy is turning around.
Many shoppers are well aware the economy is slowing. It is common for people to wait to spend on Singles Day to save money.
New data supports nagging concerns about the economy. Inflation is down: non-food prices dropped 0.3% in October, indicating that consumption continues to fall in China - a long-term trend that Singles Day won't fix.
'Power of Chinese consumption''Power of Chinese consumption'
Singles Day has grown tremendously since it was started by Alibaba in 2009, and now includes many retailers such as rivals JD.com that stage sales promotions.Singles Day has grown tremendously since it was started by Alibaba in 2009, and now includes many retailers such as rivals JD.com that stage sales promotions.
This year the tech giant said there will be over 40,000 merchants and 30,000 brands from 25 countries selling goods on its platforms. This year, Alibaba said there would be more than 40,000 merchants and 30,000 brands from 25 countries selling goods on its platforms.
About 130 million users have already visited its marketplace app Taobao, which exceeds the peak from last year. About 130 million users have already visited its marketplace app, Taobao, which exceeds the peak from last year.
Alibaba chief executive Daniel Zhang said over the course of the 24-hour shopping marathon, consumers would have "a new surprise every hour", especially targeting mobile users. Chief Executive Daniel Zhang said over the course of the 24-hour shopping marathon, consumers would have "a new surprise every hour", especially targeting mobile users.
The site said more than 27 million purchases came via mobile phone in the first hour.The site said more than 27 million purchases came via mobile phone in the first hour.
"The whole world will witness the power of Chinese consumption this November 11," Mr Zhang said in a statement."The whole world will witness the power of Chinese consumption this November 11," Mr Zhang said in a statement.
In the lead up to the event, the firm hosted a four-hour TV variety show featuring Chinese celebrities and Western entertainers such as British actor Daniel Craig of James Bond fame.In the lead up to the event, the firm hosted a four-hour TV variety show featuring Chinese celebrities and Western entertainers such as British actor Daniel Craig of James Bond fame.
It also included an appearance by American actor Kevin Spacey, appearing as his character President Frank Underwood from the Netflix series House of Cards. It also included American actor Kevin Spacey, appearing as his character President Frank Underwood from the Netflix series House of Cards.
He wished Chinese shoppers a "happy Singles day" in a two minute video. He wished Chinese shoppers a "happy Singles' Day" in a two minute video.
Massive scaleMassive scale
Alibaba accounts for more than 80% of China's internet sales market.Alibaba accounts for more than 80% of China's internet sales market.
It predicts that 1.7 million couriers, 400,000 vehicles and 200 planes will be making deliveries of products that range from electronics goods to cosmetics despite slowing growth in China.It predicts that 1.7 million couriers, 400,000 vehicles and 200 planes will be making deliveries of products that range from electronics goods to cosmetics despite slowing growth in China.
Economists will be looking for clues about domestic consumption in Wednesday's sales as the world's second-biggest economy heads for its slowest growth in nearly a quarter of a century.Economists will be looking for clues about domestic consumption in Wednesday's sales as the world's second-biggest economy heads for its slowest growth in nearly a quarter of a century.