This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-34773940
The article has changed 10 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Singles Day on track to break record as sales near $8bn | Singles Day on track to break record as sales near $8bn |
| (about 1 hour later) | |
| Alibaba is on track to break its record for sales on Singles Day in China, the world's biggest online shopping day. | Alibaba is on track to break its record for sales on Singles Day in China, the world's biggest online shopping day. |
| 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. | 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 it is held on 11 November, has become a major annual event for Chinese retailers. | |
| Alibaba said more than $1bn was spent within eight minutes of midnight. | |
| Within an hour, it had made $3.9bn (£2.bn) in sales, almost double the amount spent in the same time period of the event last year. | |
| In comparison, sales on Cyber Monday, which is the biggest online shopping day in the US, hit $1.35bn, according to analysts ComScore. | |
| Analysis: Celia Hatton, BBC News, Beijing | 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. | 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 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!" | "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. | 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. | 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. | 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. |
| Why China's big brands are cashing in on singles | |
| '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, Alibaba said there would be more than 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. |
| Although its competitors offered attractive discounts, Fangting Sun, China-based analyst at market research firm Euromonitor International said that consumers' attention was still focused on Alibaba's online marketplace Tmall.com. | |
| "[It's] not only due to the wide choices and competitive prices, but also the heavy marketing campaigns especially the successfully gala evening which invited lots of famous entertainment stars," she said. | |
| 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 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 scale | Massive 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. |