For the past few years over in China, various retailers in the country would celebrate what is known as “Singles’ Day” on the 11th of November (11/11). Given the amount of sales it generates, it has managed to garner the attention from the rest of the world, which in turn has resulted in retailers in other countries also adopting a similar sales.
Now according to a report from Bloomberg, it looks like Alibaba’s Singles’ Day sales has managed to generate a ton of money once again. The report claims that for 2018, Alibaba has managed to generate a whopping $24.3 billion in just 16 hours, which means that the number should be much higher once the day comes to an end.
This is also an increase from previous years, where back in 2016 the sales managed to generate $17.7 billion. This is despite reports that of trade wars and tariffs which some believe could have impacted the sales, but based on these figures it seems that at least for 2018, sales still appear to be quite strong.
Like we said, the Singles’ Day sale seems to have grown into a global phenomenon where countries in Southeast Asia such as Singapore and Malaysia have taken part in it as well.