In by StockSnap China, November 11th is called “Gwangju-bushi” (Singles’ Day), and it is customary for singles to gather to hold parties and give gifts. The Alibaba Group of Chinese companies is reported to have held a singles day sale (Double Eleven) every year on November 11, and has recorded sales of about 1.4 trillion yen in an hour since its start in 2019. 2019 11.11 Global Shopping Festival Alizila.comhttps://www.alizila.com/2019-11-11-global-shopping-festival/Alibaba https://www.cnbc.com/2019/11/10/alibaba-singles-day-sales-hit-13-billion-in-first-hour.html Singles Like Black Friday and Cyber Monday in the United States, the Alibaba Group is known for its biggest sale on November 11. The double-Eleven, devised by Alibaba Group founder Jack Ma, recorded sales of 30 billion U.S. dollars in 2018 and overpowered Cyber Monday’s 2018 Cyber Monday sales in the United States. Alibaba updates sales record for “Singles’ Day” and sells things at 40 million yen per second –
CNBC, the economic media, reported that sales reached 91.2 billion yuan (approximately 1.4 trillion yen) within an hour of the start of the sale. This is up 32 percent from the sales record of 69 billion yuan (approximately 1.7 trillion yen) in the first hour in 2018. According to China Tips by myokoi, an analyst on China’s political economy, double-Eleven transactions in 2019 topped 10 billion yuan (about 156 billion yen) in 1 minute and 36 seconds. The speed of sales is increasing every year, and China Tips by myokoi predicted that “in 2019 we will achieve our target of 120.7 billion yuan (1.8 trillion yen).”
The twin 11 starts at midnight on November 11. The transaction amount of the Ari-Kei-kei e-commerce site Tenneko exceeded 10 billion yuan in 1 minute 36 seconds. It’s 29 seconds faster than last year. It broke through 50 billion yuan in 12 minutes 49 seconds. Last year’s 120.7 billion yuan reached 8 hours, 8 minutes and 52 seconds, but it is expected to reach in 7 hours in 2019. Amazing speed. #中国 pic.twitter.com/YL2tG9n4In
— China Tips by myokoi (@myokoi1962) 2019年11月10日
Sales can be confirmed in real time at the counter displayed on the official website. As of 10:06 a.m. (Japan time) on November 11, 2019, nine hours after the sale began, sales had exceeded 159 billion yuan (approximately 2,480 billion yen), and the sales target of 120.7 billion yuan had already been achieved.