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| China's Alibaba breaks Singles Day record as sales surge | China's Alibaba breaks Singles Day record as sales surge |
| (34 minutes later) | |
| E-commerce giant Alibaba has broken its own record for sales on China's Singles Day, the world's biggest online shopping event. | E-commerce giant Alibaba has broken its own record for sales on China's Singles Day, the world's biggest online shopping event. |
| The firm said sales surpassed the record amount of $9.3bn (£6.1bn) made last year in just over half the time. | The firm said sales surpassed the record amount of $9.3bn (£6.1bn) made last year in just over half the time. |
| Singles Day, also known as Double Eleven because it is held on 11 November, has become a major annual event for Chinese retailers. | 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. | Alibaba said more than $1bn was spent within eight minutes of midnight. |
| Within the first 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. | Within the first 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 data analytics firm ComScore. | In comparison, sales on Cyber Monday, which is the biggest online shopping day in the US, hit $1.35bn, according to data analytics firm 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 | Why China's big brands are cashing in on singles |
| 'Power of Chinese consumption' | 'Power of Chinese consumption' |
| Singles Day has grown tremendously since Alibaba began promoting it as a shopping day in 2009, and now includes many retailers such as rivals JD.com that stage sales promotions. | Singles Day has grown tremendously since Alibaba began promoting it as a shopping day 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. |
| More than 130 million users have already visited its marketplace app, Taobao, which exceeds the peak from last year. | More than 130 million users have already visited its marketplace app, Taobao, which exceeds the peak from last year. |
| 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. |
| American actor Kevin Spacey appeared as his character President Frank Underwood from the Netflix series House of Cards to wish shoppers a "happy Singles' Day" in a two minute video. | American actor Kevin Spacey appeared as his character President Frank Underwood from the Netflix series House of Cards to wish shoppers a "happy Singles' Day" in a two minute video. |
| Alibaba chief Executive Daniel Zhang had said in a statement that the event would mean "the whole world will witness the power of Chinese consumption". | Alibaba chief Executive Daniel Zhang had said in a statement that the event would mean "the whole world will witness the power of Chinese consumption". |
| He promised consumers "a new surprise every hour" over the 24-hour marathon, especially mobile users. | He promised consumers "a new surprise every hour" over the 24-hour marathon, especially mobile users. |
| The firm said more than 27 million purchases came via mobile devices in the first hour. | The firm said more than 27 million purchases came via mobile devices in the first hour. |
| 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. | 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 successful gala evening which invited lots of famous entertainment stars," she said. | "[It's] not only due to the wide choices and competitive prices, but also the heavy marketing campaigns especially the successful gala evening which invited lots of famous entertainment stars," she said. |
| Kitty Fok, China manager for market research firm IDC said online shopping had become a comfortable channel for most consumers. | Kitty Fok, China manager for market research firm IDC said online shopping had become a comfortable channel for most consumers. |
| "China is a big market with close to one billion smart connected device users - it is a good news for both Alibaba and their competitors," she said. | "China is a big market with close to one billion smart connected device users - it is a good news for both Alibaba and their competitors," she said. |
| 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. |
| Ms Sun of Euromonitor said the shopping event would not only stimulate domestic demand but also trade. | Ms Sun of Euromonitor said the shopping event would not only stimulate domestic demand but also trade. |
| "Alibaba aims to both attract more international players selling products to China and the domestic players to expand to the overseas markets," she added. | "Alibaba aims to both attract more international players selling products to China and the domestic players to expand to the overseas markets," she added. |