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China's Single's Day sales hit 1.4 bln Dollars in first 2 minutes 

A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold. Items selling well included smartphones and other electronics, but also staples such as milk powder and diapers. This year, Alibaba appears set to break all records, with gross sales volumes at just over one hour accounting for more than half of the total sales volume in 2017.

Singles' Day had topped $6.5 billion in sales 20 minutes into its 11/11 event, which kicked off at midnight on Sunday in Shanghai. The company is focusing on the 300 million Chinese people who are expected to enter the ranks of the middle class over the next five years, Evans said. "I don't think this will happen".

What is Alibaba's Singles' Day sale? .

The Alibaba Group surpassed last year's Singles' Day record with more than eight hours to go before the end of the 24-hour shopping festival, cementing its position as the world's biggest retail event and assuaging concerns that Chinese consumer sentiment is softening, Hong Kong-based South China Morning Post, which is owned by Alibaba, reported. The holiday originally didn't have much to do with shopping. However, it did begin life as a celebration of the bachelor life before being taken over as a celebration of relationships akin to Valentines Day until it again morphed into the Chinese version of Black Friday or Cyber Monday but 2.5 times bigger.

Here is a history of Singles' Day through the years.

Rabada in trouble again after Proteas lose against Australia
Chris Lynn scored a run-a-ball 44 with three boundaries and two sixes and vice-captain Alex Carrey made 47 off 72. Reeza Hendricks and Aiden Markram (19) then carried out good recovery work, adding 28 runs for the second wicket.

Analysts said the sales continue to be cannibalized by competing events, including the "618" festival spearheaded by Alibaba competitor JD.com Inc in June.



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