It was a record breaking day for Chinese e-commerce giant Alibaba, their annual Singles Day event raking in over $24 billion. It's the biggest online sales event in the world, outstripping the US version, Black Friday. Singles Day originally began as a novelty holiday to celebrate not being in a relationship.
But it has evolved into a shopping bonanza that sees peAk sales within the first few minutes of the 24-hour spending window. Reuters Cate Cadell in Shanghai.>> And generally what we're seeing is the same big numbers we're used to. Alibaba cleared about $10 billion worth of sales within its first hour this morning, which is obviously really impressive.
But at the same time, what we're seeing is the rate of growth for these sales year over year is slowing somewhat.>> Analysts say that's due to competitors choosing to hold similar sales earlier in the year. And the fact that younger spenders are less willing to part with their cash in November.
>> The other thing that Alibaba has been grappling with this year is the economic effects of the trade war. The company said it's gonna revise down its full-year sales forecast due to these economic uncertainties. Which says it expects to affect big ticket purchases like refrigerators and smartphones.>> That might leave investors a little concerned.
But to compensate, Alibaba plans to take in less income from its platforms in the near term in order to retain brands and new buyers.