- But the annual growth rate dropped from 39% to 27%, the smallest gain in the event's 10-year history.
- This comes as China, the world's second-largest economy, cools down amid deleveraging and ongoing trade tensions with the US.
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Alibaba's Singles Day made e-commerce history — but the numbers also suggest China's economy is cooling down (BABA)
Alibaba's Singles Day event recorded the biggest online-shopping day in history, but its annual growth dropped to its slowest rate ever.
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The Chinese e-commerce giant Alibaba's was the biggest , buta weaker macro environment in China.
Singles Day ( was originally created as a Alibaba turned it into an online-shopping festival in 2009, and now it's the world's largest online-shopping festival, outstripping traditional American shopping holidays.
Despite its record-breaking sales, the GMV annual growth rate dropped from 39% to 27%, the smallest rate increase in the event's 10-year history.
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And this comes as the world's second-largest economy cools down amid deleveraging and ongoing trade tensions with the US. In the third quarter, China's economy grew at a 6.5% year-over-year rate, the weakest since the financial crisis. At the same time, quarterly nationwide consumer expenditures grew 6.3%, down from 7.5% in 2014.
Economists have attributed the slowdown to economic weakness that was caused in part by a deleveraging campaign started last year that has pushed up companies' borrowing costs. imposed tariffs on $250 billion worth of Chinese goods, and has tariffs on the remaining $250 billion of goods ready to go
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