Double 11 shopping spree breaks record

China`s e-commerce giant Alibaba set yet another record for the Double 11 shopping festival, hitting 10 billion yuan ($1.44 billion) in sales just 2 minutes and 5 seconds after the annual November 11th online shopping spree began at midnight Saturday.

In 2017, it took shoppers on Alibaba`s Tmall 3 minutes 1 second to rack up 10 billion yuan in sales, breaking the previous year`s record of 6 minutes and 58 seconds.

By noon Sunday, 167 brands reported sales 100 million yuan during the shopping spree. By 15:49 pm, total sales broke the record of last year`s entire-day sales for the Double 11 shopping carnival.

As of the press time, at 10:30 pm on Sunday, the sales number reached 200 billion yuan.

Also revealing in the shopping spree`s statistics is that US shoppers splurged despite the China-US tit-for-tat trade friction.

This year`s record sales also reflect Chinese people`s strong spending power potential, even though the country is under pressure from a softening of its domestic economy and strains from unresolved trade conflicts, experts said.

Cong Yi, a professor at the Tianjin University of Finance and Economics, said that China still has a vast space of as yet unmet domestic consumption need.

"China has already achieved a middle income level on average, and this income level has helped propel and stabilize China`s domestic consumption in recent years," he said.

Strong consumption capabilities in China have already been proved by Chinese buyers` performance during the China International Import Expo, which closed Saturday, the day before the Double 11.

Purchasers from China pledged to spend $57.8 billion on imports during the event, data from the Xinhua News Agency reported on Saturday.

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2018.11.13

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