BEIJING (Reuters) – Chinese retail giant Alibaba has said that sales of the annual Single Dancing Shopping Festival reached nearly $ 23 billion in the first nine hours of the festival.
Sales were up 25% year over year. But analysts say overall sales growth is likely to be a 24-hour event below the previous year, as China's economic growth goes below the historical minimum.
Alibaba's net sales reached $ 30 billion across platforms on Singles Day last year. This was 27% more than the previous year, but the smallest increase in event history, going back ten years.