Alibaba’s Singles Day sales this year were 84.5 billion U.S. dollars.new record

• Alibaba’s orders during Double Eleven reached a record 540.3 billion yuan (84.54 billion U.S. dollars).
• This is an increase of 8.45% over last year’s shopping event, but it is the lowest growth rate in the event’s history.
• As the government cracked down on everything, China’s consumption slowed while the economy slowed down.
• For more stories, please visit www.BusinessInsider.co.za.

Alibaba’s orders during Double Eleven reached a record 540.3 billion yuan (84.54 billion U.S. dollars). This is an increase of 8.45% over last year’s shopping event-but it is also the lowest growth rate in the history of the event.

This is also the first single-digit growth year for the shopping festival since the Chinese e-commerce giant created the event in 2009.

Alibaba sold products worth 498.2 yuan ($78 billion at today’s exchange rate) during the 11-day shopping event last year.

Alibaba’s sales slowed down during the Double Eleven Shopping Festival. This is the one-day event before 2020.

Alibaba/South China Morning Post

Moderately from China’s economic growth It has slowed down in the ruthless government repression.

This year, we will celebrate unscrupulous consumption through on-site counter sales statistics. Instead, the focus is on social responsibility and sustainability, and Alibaba emphasizes environmentally friendly products and charitable activities.

“Alibaba’s 11.11 just set a new record, but its vision goes beyond numbers.” Alibaba’s blog Announce. The post added that sustainability and inclusion goals should also be considered.

“In the early stages of 11.11, we focused on growth-just as parents care about the height and strength of their children. But as children become teenagers, parents turn their attention to cultivating their children’s sense of responsibility: the role he or she plays in society Role. This is what we are doing now,” Alibaba Chief Marketing Officer Chris Tung said in the post.

As the Chinese government cracked down on everything from technology to wealth, Singles’ Day retailers also acted low-key this year, because President Xi Jinping boasted of a more equal society “Common prosperity.”

“The worship of turnover” is not only unsustainable in terms of quantitative growth, but is also inseparable from chaos,” said the state-supported Securities Times on Friday.

Make the most of our website E-mail to you every working day.

go Business Insider Front Page More stories.