Alibaba’s Singles’ Day sales hit record $38 billion; growth slows

By Josh Horwitz

HANGZHOU, China (Reuters) – Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.

But sales growth for the annual shopping festival eased to 26%, the weakest since the event started in 2009, held back by a slowing e-commerce industry in China as the country’s economic expansion heads toward a historic low.

Source: https://www.reuters.com/article/us-singles-day-alibaba-sales/alibabas-singles-day-sales-hit-30-billion-on-track-for-record-idUSKBN1XK0HD