SHANGHAI: Chinese consumers closed in on a new spending record on Monday during the annual “Singles’ Day” frenzy, the world’s biggest 24-hour shopping event, which kicked off this year with a glitzy show by US megastar Taylor Swift. There was little hint of Chinese consumer belt-tightening, as $1 billion was spent on Alibaba platforms in just the first 68 seconds. Singles’ Day, also called “11.11” for the November 11 date, was originally set as an unofficial day for China’s unmarried millions. Nevertheless, although Alibaba has hit new Singles’ Day records annually, the pace of growth is slowing. This year’s Singles’ Day is Alibaba’s first without co-founder Jack Ma, who stepped aside as chairman in September, 20 years after the former English teacher founded the company.

Source: Manila Times November 11, 2019 16:33 UTC