US buyers may be waiting on Thanksgiving and Black Friday to buy the year's best deals, but buyers across China have already spent billions on Monday, better known as Singles Day, the busiest online shopping day of the year.  Alibaba Group Holding Ltd. was founded in the 1990s by individual college students without a Valentine's Day date.
launched its version of the shopping bonanza in 2009 with 27 dealers. This year, more than 200,000 brands participate, the company said.
Among them Mondelez International Inc.
MDLZ, + 0.14%
sells a mini-Oreo biscuit with fruits and nuts, and San Francisco-based Allbirds, the trendy producer of sustainable footwear, attend the event for the first one Times.
Taylor Swift participated in the 11/11 Countdown Gala of Alibaba.
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Other online retailers have committed to the date, raising awareness and sales for the entire event.
Alibaba and JD.com Inc.
generated nearly $ 60 billion in revenue during the entire shopping day.
Other notable online shopping days around the world include Amazon.com Inc.
Prime Day and Big Billions Days, a multi-day shopping event in India hosted by Flipkart. Walmart Inc.
is involved in 77% of Flipkart.
Amazon does not release Prime Day sales, but said that this year's two-day event was the biggest shopping event in the company's history.
Read: Walmart Attacks Amazon in India, with Improvements to Flipkarts & # 39; Big Billion Days & # 39 ;.
Alibaba reported gains and revenues in the second quarter that exceeded expectations on November 1.
"[D] In order to improve profitability on most e-commerce platforms, the advertising intensity should increase by 11/11," wrote UBS analysts on November 4.
"We believe Alibaba will respond to the competition and be aggressive if it sees a chance or a threat. This should not come as a surprise, and indeed, Alibaba spent more in September. "
UBS rated Alibaba's stock with a price target of $ 235 with a buy rating.
The latest news from the White House suggests a trade agreement between the US and China could be hopeless, as the willingness of buyers to spend freely in both countries for the rest of the year was worrisome.
US summer holiday season forecasts have been positive Adobe Analytics estimates that online sales in November and December will exceed $ 1 billion each day.
"Alibaba's new sales record on Singles Day continues an 11-year tradition of e-commerce and attractive pricing leading to the opening of consumer wallets," said Christian Magoon, CEO of Amplify ETFs.
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Alibaba reported hours ago that total gross commodity volume (GMV) this year exceeded Singles Day in 2018 and reached more than $ 38 billion.
"This new record spending is a good sign that Chinese consumers are willing to spend money despite the ongoing commercial war scare," Magoon said. "Initial data also shows that US brands have not been disadvantaged by consumers due to the ongoing trade drama between the two countries."
Alibaba's stock rose 36% in 2019, while the Amplify Online Retail ETF increased
gained 18.2% and the S & P 500 Index
increased by 23.2% during the period under review.