This happened despite the tariffs and other challenges to Chinese technology.
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November 11, 2020 2 min read
This story originally appeared on Engadget
Chinese internet giant Alibaba likes to brag about its online shopping records, and that was truer than ever in 2019. The company’s annual Global Shopping Festival, also known as Singles’ Day , broke the 2018 record. selling $ 30.8 billion worth of products in 230 countries in the space of 24 hours, a sizable 27 percent increase over the $ 25.3 billion in 2017. It took Alibaba just 85 seconds to sell its first $ 1 billion and one hour to exceed 10 billion dollars. That’s way more than America’s holiday sales get: For context, Black Friday 2017 “only” generated $ 5 billion in online sales .
The brands that benefited the most from the event were Apple, Dyson, Gap and Nike, among other big names.
While not everyone is necessarily interested in celebrating a shopping frenzy (the event is basically an ode to unfettered consumerism), it is not a minor feat considering the obstacles Alibaba had to face. US tariffs potentially affected the cost of some products, and the Chinese yuan is not worth as much as the previous year. Alibaba also cut its revenue expectations as a result of its uncertain future. This suggests that the festival is large enough to be independent of the ups and downs of China. Like it or not, it is a cultural institution for some people.