Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping U.S. shopping holiday Black Friday. The company settled roughly 69 billion yuan ($9.92 billion) in the first hour of Singles’ Day on Sunday, up roughly 21 percent from last year’s early haul of 57 billion yuan. Analysts say that despite continued strong growth, sales are likely to be hit by economic headwinds and new competition from competing sales events. “Having said that, there are more consumers who still enjoy shopping at double 11 than those that don’t,” he said. Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted.

Source: bd News24 November 11, 2018 12:45 UTC