Singles Day is a massive shopping event for Chinese consumers, exclusively for items sold on Alibaba's platform. In 2018, Alibaba posted Singles Day sales of $30.8 billion, better than 2017's sales for the day of $25.4 billion. While the company hasn't released an expected number for the day, the company told TheStreet's Annie Gaus that it's expecting sales to come in strong this year.
TheStreet's Tech Editor Nelson Wang broke down exactly what the event is:
"Singles Day is this manufactured holiday that Chinese university students started celebrating in 1993 to celebrate those amongst them that were single and they decided to buy presents for each other," Wang said. "Fast forward 15 years later, in 2009, Alibaba, as a growing e-commerce company, adopted this as an online shopping holiday. They did less than $10 million in total sales that year, but if you look at last years, they more than $30 billion in revenue."
But what will the results this year tell investors about the ongoing strength of the current quarter for Alibaba?
"There are a couple things we can glean from singles day results," said TheStreet's Tech Reporter Annie Gaus. "One is how strong the seasonally important fourth quarter is going to be, like all other retailers. Also, we'll learn more about what they're doing to shore up their maturing e-commerce business and efforts they're making to ensure that continues to grow in the years ahead."