Singles’ Day: World’s biggest online shopping event in China ‘beats records with £42 billion spend’

Singles’ Day sales surged to new heights in China on Wednesday as event organiser Alibaba saw shares tumble.

The e-commerce giant launched Singles' Day, the world's largest shopping event, in 2009 as an antithesis to Valentine's Day and it is now a multi-billion dollar logistical "shoppertainment" feat involving more than three million workers.

It sees everything from fresh food to luxury goods go on sale, and Alibaba hosts celebrity music events - Katy Perry performed this year - while platforms offer mini games for consumers to play while they shop.

Today Alibaba broke its own record as it notched up sales of more than £42 billion at the event.

The total far exceeded the £30.6 billion amassed by sellers using the platform in last year's 24-hour event.

This year the event is spread over four main days, and the company announced the running total - eclipsing the combined revenues of Black Friday and Cyber Monday in the US  - as sales began after midnight on November 11.  

The record was reportedly fuelled by "revenge spending" as Chinese consumers who would usually have splashed out on high fashion in London and Milan spent online instead due to the pandemic.  

The online platforms, who all offer generous discounts, opened the event early on November 1 this year in the hope of making the most of the rush.

But Alibaba shared plunged by 8% - along with those of fellow Chinese e-commerce giant shares - as China's authorities set out proposals to tackle monopolies in the sector.