The chinese E-commerce giant Alibaba’s “Singles Day” festival has posted a record 120.7 billion yuan (16 billion euro) worth of sales.<br /><br /> However, the gala shopping day saw growth slow as Chinese shoppers searched for deeper discounts.<br /><br /> <br /><br /><br /> Alibaba Singles' Day Sales Pass 2015 Total, But Growth Rate Slows https://t.co/uBgkEcBZ86— Entrepreneur (@Entrepreneur) November 11, 2016<br /> <br /><br /> <br /><br /><br /><br /> The business<br /><br /> <br /><br /><br /><br /> Amid fanfare and celebrity razzmatazz, sales on Alibaba’s platforms raced to 900 million euros in less than five minutes.<br /><br /> It broke last year’s total with almost nine hours of the day-long shopping gala to spare.<br /><br /> The final total marked a 32 percent rise from 2015.<br /><br /> However, growth was significantly lower than the 60 percent increase seen last year, a reflection, analsysts say, of more caution among shoppers.<br /><br /> <br /><br /><br /> Alibaba Singles' Day sales race past $5 billion in first hour https://t.co/6UjbymEQtU pic.twitter.com/SBak4uGz3Y— Reuters Top News (@Reuters) November 11, 2016<br /> <br /><br /> <br /><br /><br /><br /> Are there any other reasons for the slowdown?<br /><br /> <br /><br /><br /><br /> Possibly.<br /><br /> It comes amid a more saturated domestic online retail market, a weaker economy and sluggish personal income growth hitting customers’ wallets.<br /><br /> A strong US dollar has also hit the headline sales figure in dollar terms.<br /><br /> <br /><br /><br /><br /> What is “Singles Day”?<br /><br /> <br /><br /><br /><br /> The 24-hour event, held annually on November the 11th, offers a benchmark for Alibaba’s performance.<br /><br /> It also provides insight into China’s swing to online shopping, especially via smartphones.<br /><br /> The discount shopping day for the unhitched and uncoupled still shifts more goods than the Black Friday and Cyber Monday sales days in the United States.<br /><br /> <br /><br /><br /> Swinging Singles’ Day: Alibaba holiday drives shoppers in China https://t.co/oR6nPyYRG2 — Wall Street Journal (@WSJ) November 11, 2016<br /> <br /><br /> <br /><br /><br /> 11/11 is #SinglesDay in China, where single people treat themselves with gifts. It's also Alibaba's biggest day. https://t.co/hUf8ZP0f7m— NPR Extra (@NPRextra) November 11, 2016<br /> <br /><br /> <br /><br /><br /><br /> What they are saying<br /><br /> <br /><br /><br /><br /> “On November 11, Singles Day, we see the huge potential of China’s consumer market. To achieve this much with out current, basic infrastructure, I am feeling extremely satisfied,” – Alibaba Chairman Jack Ma<br /><br /> <br /><br /><br /> The CEO of the Alibaba Group, Daniel Zhang, said Alibaba was seeking a “perfect way to combine entertainment, interaction and commerce.”<br />
