Alibaba breaks own record for most sales in China's Singles' Day sales with 91.2 billion Yuan

E-commerce giant Alibaba made a 91.2 billion Yuan sales during China's Single's Day shopping event, breaking its own record.

According to BBC, Alibaba's sales in the biggest online shopping event in the world are a 60 percent increase from what they made in 2014. Single's Day is held every November 11, which is why it is also called Double Eleven.

Reuters reported that Alibaba said the results are still preliminary and are still unaudited. The company also said that 68 percent of the transactions were made through mobile devices. China's Singles' Day became what it is today thanks to the efforts of Alibaba six years ago. Now, it is even bigger than the Unites States' Cyber Monday and Black Friday combined. This makes the Double Eleven event an important barometer to Alibaba, whose shares were trading down 2.1 percent at $79.71 in New York Wednesday, after the results of the Singles Day were announced.

Singles' Day was supposed to be just a mock celebration for people who are not in a relationship. However, Alibaba turned it into a consumption-fest for everyone in 2009. It features great discounts and promotions to attract online consumers. Alibaba's sales data is closely watch, since it can determine the Chinese consumption as the country faces economic slowdown.

However, according to Breaking Views, Alibaba's success in China's Singles' Day only adds confusion to the economic growth issue that the country is currently facing. The site claims that the frenzy brought by the sales during the day is nothing more than a blip to Alibaba's full-year earnings. The transactions during the big event are just 7 percent of the company's sales in six months ending in September.

The rush spending in the Singles' Day should not be mistaken as a turn around in the Chinese economy. Most shoppers know that the economy is slowing down and the Singles' Day is one of the best ways to save money.