Home » Markets » Alibaba boasts $56B in sales as post-virus Singles' Day gets into full swing
Alibaba boasts $56B in sales as post-virus Singles' Day gets into full swing
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China’s Alibaba said orders on its e-commerce platforms during the Singles’ Day shopping extravaganza had exceeded $56 billion by Wednesday morning, as lockdown-weary consumers splurged on as many as 16 million discounted goods.
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The world’s biggest sales event — eclipsing Black Friday and Cyber Monday in the United States — spans four main days this year, and so far has brought sellers 16 times as many orders by value than Amazon.com Inc’s two-day global Prime Day last month.
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Such is its size that its performance is widely considered indicative of China’s post-virus economic recovery.
“Because of COVID-19, many Chinese cannot go overseas,” Vice President Liu Bo told reporters. “This actually stimulates online consumption.”
So far, the performance is likely a relief for Alibaba Group Holding after losing about 10% of its market value last week when regulators scuppered the listing of fintech affiliate Ant Group.