China's Alibaba breaks Singles Day record

About half way through the 24-hour-long sale, the site surpassed the 57.1bn yuan worth of sales ($8.96bn; £5.91bn) made during the entire event last year. Alibaba said more than $1bn was spent within eight minutes of midnight, which is when the sale starts. Singles Day is held on 11 November and is a major event for Chinese retailers. The day is also referred to as Double Eleven because of its date. Some 14 hours into the event, the firm said sales had climbed to $10bn (63.6bn yuan) on its China and international retail marketplaces. In comparison, sales on Cyber Monday, which is the biggest online shopping day in the US, hit $1.35bn, according to data analytics firm ComScore. The reaction to China's Singles Day shopping bonanza reflects the drama and excitement of China's capitalist holiday. "I wanted two different coats, but they both sold out in the first three minutes of the sale!", complained one young woman online. "I spent 2,000RMB last night ($315; £207)" exclaimed another. "Now I'm going to have to eat dirt if I'm hungry because I'm broke!" But don't mistake the rush to spend as a sign the Chinese economy is turning around. Many shoppers are well aware the economy is slowing. It is common for people to wait to spend on Singles Day to save money. New data supports nagging concerns about the economy. Inflation is down: non-food prices dropped 0.3% in October, indicating that consumption continues to fall in China - a long-term trend that Singles Day won't fix.