Zero Hedge — Alibaba Breaks 'Singles Day' Sales Record With $31 Billion Haul

Market strategists have repeatedly warned about the potential fallout from the collapse of retail sales in China, a trend that has already led to a recession in global auto sales, while Chinese factory output has also declined. But the economic doldrums facing the world's most populous country didn't stop Chinese consumers from posting a massive tab on Alibaba's Singles Day. In fact, according to CNBC, it was the largest haul in the 11-year history of Singles Day....

But with the trade war still raging, this year's Singles' Day is expected to have even more resonance, as investors look for clues about demand for American-made goods. But instead of giving American brands the cold shoulder, the US was the second-largest seller in terms of GMV, with jewelry and clothing brands the most popular.

WPIC CEO Jacob Cooke, whose marketing firm helps foreign brands sell in China, said there was "no evidence" of reduced demand for American brands....

Zero Hedge
Alibaba Breaks 'Singles Day' Sales Record With $31 Billion Haul
Tyler Durden

See also

Fast Company
Singles Day sales in the U.S.? They’re coming slowly but don’t get too excited

Zlati Meyer