Consumers spend record $25bn in China's Singles Day shopping spree

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On Saturday, Chinese shoppers celebrated their romantic independence by spending more than $25.3 billion on Alibaba's e-commerce site during "Singles Day".

Since Singles' Day sales began in 2009, when £5.9 million of goods were sold, growth has been explosive.

Promoted by Chinese e-commerce giant Alibaba, which claimed more than a million retailers worldwide took part this year, including for the first time U.S. department store Macy's, each year on 11 November companies offer discounts on a range of products for a limited 24-hour period.

"Sales of appliances and mobile phones 3/8 both were dragged by weaker growth in September. mainly due to competition and slow seasonality", said TH Data Capital analyst Tian Hou in a research note ahead of the earnings.

According to Bloomberg, mobile transactions accounted for about 90 percent of Alibaba's Singles' Day sales.

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That's almost double the sales from Black Friday and Cyber Monday in the United States combined, according to technology news website The Verge. Indeed, during the busiest periods, the company registered 256,000 transactions per second.

The world's biggest online shopping event, held on November 11th of each year as a celebration among young people who are proud of being single, posted a 39 percent jump in sales, exceeding Citigroup Inc. estimates and defying concerns of an economic slowdown, the report said. This figure represented a 39 percent rise from the figure recorded a year ago. The company is also converting 100,000 retail outlets into so-called smart stores.

Not surprisingly, Lazada's tally is still a small fraction of Chinese giant Alibaba's haul of US$25 billion for the one-day shopping festival, given the nascent but growing online shopping market in South-east Asia.

Alibaba spotted the region's potential, and injected another $1 billion into Lazada in June this year, to now own 83 percent of the company. Brands including Levis and L'Oreal are taking part.

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