Alibaba Group Holdings' (BABA) - Get Alibaba Group Holding Ltd. Report Singles Day shopping event has topped $75 billion in total sales, a huge increase from last year's record high that suggests robust consumer health in the world's second-largest economy.
According to data published by Alibaba just after midnight in Beijing (11 am Eastern time) gross merchandise value for the group's 12th annual Global Shopping Festival has reached 498.2 billion Chinese yuan, or just over $75 billion, a staggering total that dwarfs the record $10.4 billion spent during Amazon Inc.'s (AMZN) - Get Amazon.com, Inc. Report two-day Prime Day event last month.
Alibaba's U.S.-listed shares were marked 0.9% higher in late morning trading Wednesday after the Singles' Day sales update to change hands at $268.90 each.
Shares in the group slumped more than 8.3% yesterday, however, and 3.2% on Monday as tech stocks around the world have also been dragged into a vortex of selling following news of Pfizer Inc.'s (PFE) - Get Pfizer Inc. Report coronavirus vaccine breakthrough earlier this week.
There are also significant concerns for Alibaba's business model now that China regulators are seeking public opinion on draft regulations to rein in monopolistic practices by internet platforms.
Alibaba, Asia's most valuable tech group, kicked-off its annual global shopping extravaganza ten days early this year with a 'Phase 1' part of the event that generated significant sales prior to the official launch at midnight in Beijing.
Sales on Singles Day itself were initially forecast to generate $45 billion or more in total sales, a near 20% increase from last year's record of $38 billion, as shoppers in key Asia-based economies splurge on tech and consumer goods following months of lockdowns linked to the global coronavirus pandemic.
Last year's Thanksgiving weekend and Black Friday sales came in just under $70 billion, according to the Consumer Growth Partners research group.