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Home / Business / The sale of Alibaba Singles Day did not live up to expectations

The sale of Alibaba Singles Day did not live up to expectations



Alibaba founder Jack Ma attends the 5th World Congress for Zhejiang Entrepreneurs on November 13, 2019 at the Hangzhou International Expo Center in Hangzhou, Zhejiang Province, China.

VCG | Visual China Group | Getty Images

Co-founder Alibaba's Jack Ma said the company's performance on Singles Day exceeded expectations and the hot weather and the fact that the huge shopping event fell on a weekday accounted for a value of 268 (GMV) , 4 billion yuan or over 38.3 billion US dollars, a new record. GMV measures sales via its purchasing platforms.

Singles Day, also known as "Double 1

1" because it takes place on November 11, is a huge 24-hour shopping event where thousands of products receive high discounts. [19659002] While Singles Day GMV was above market forecasts, it did not meet Ma's expectations.

"I would like to say that the sale of Singles Day this year did not even meet my expectations," he said.

Nevertheless, Ma said he was glad that the GMV exceeded the analysts' estimates.

"11.11 outperformed forecasts and exceeded most people's expectations of today's economy," Ma said on Wednesday at the 5th World Entrepreneurship Conference in Zhejiang.

"Wall Street predicted that November 11 would grow by about 20%, a sign that China's consumption is weak and the economy is slowing down, but our numbers actually rose 25.7%." Media, Ma added, "There are several reasons, one of them is the weather too hot, clothes sell better when it's cold, another is that it's a Monday."

Alibaba co-founder Said he hopes the government will give people half a day's work for future Singles Day events.

Alibaba was not immediately available for comments. [19659002] Ma's comments come as Alibaba prepares for a second listing in Hong Kong, which could raise $ 13 billion, a source with direct knowledge of the matter told CNBC.

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