Alibaba racks up record sales on Single's Day shopping splurge

Politics Economy

Chinese e-commerce giant Alibaba Group Holding Inc. said Friday that it ended its annual "Single's Day" shopping event, raking in a record-breaking 540.3 billion yuan ($84 billion) in sales for 11 days through Thursday. The outcome suggested consumer spending in China has remained robust despite growing risks to an economic downturn, such as a potential collapse of a debt-laden property developer, a power shortfall and tightening government regulations on the IT sector. Alibaba has turned Single's Day, which originated in the 1990s in China as an anti-Valentine's Day for single people, into th...

Kyodo News

Kyodo News Asia