The Singles’ Day sales have helped Alibaba (NYSE:BABA) reach over $14.32 billion (91.2 billion yuan) in sales over the course of the festival. The company noted that these results are not audited yet, and they may vary.
The biggest shopping day in the world, even bigger than Black Friday and Cyber Monday, offers consumers exceptional discounts on a variety of goods in China. Despite a slowing economy, China has shown resilience, with consumers buying goods during the holiday. Last year, the company sold $9.3 billion worth of goods over 24 hour period.
Sales are measured by gross merchandise value, and initial estimates from analysts added that the company will sell $13 billion worth of goods.
Within the first 90 minutes of sales starting, the company announced that they sold $5 billion worth of goods through the company’s affiliate program. Alibaba has taken a major step in globalizing the company’s products and reach this year. Singles’ Day was further publicized on Tuesday night with Asian and Chinese celebrities, as well as Hollywood stars, going to a gala event to launch the sales holiday.
Many big-name companies, such as Estée Lauder and Burberry, were participating in the sales event this year. Economists hope that the sales will be able to bolster the country’s economy going into 2016.