Singles' Day, probably one of the most anticipated events of the year set new records. This event alone generates more sales than the American Black Friday and Cyber Monday combined.
This year, Alibaba and JD.com the event took place between November 1 and November 12.
Alibaba announced that this year people ordered merchandise worth more than $56.42 billion, topping last year's $38 billion. An event of such magnitude involved 3 million workers, 4,000 planes, and ships.
Experts believe that Singles' Day could give some hints about the Chinese client's strength, especially given the current global situation. In China, the coronavirus seems to be under control, and the economy has started to recover.
Moreover, companies like Alibaba, JD.com, and many more are soon to be under scrutiny as the State Administration for Market Regulation published a draft of the rules that defines what is considered anti-competitive behavior. The rules refer to pricing, payment methods, and the use of data to target customers.
During the American trading hours, Alibaba stock price closed 8% lower, causing its market cap to lose $60 billion.
Sources: cnbc.com, bbc.com