Another year, another gross merchandise volume record for Alibaba’s 11.11 Global Shopping Festival.
At the stroke of midnight, when the rolling counter stopped, 2018 GMV was RMB214 bn (USD31 bn), 27% higher than 2017's RMB168 bn. As 11.11 wore on, milestones from the previous 10 years fell, one by one.
Even facing cyclical and geopolitical economic challenges, theres is a sense that there's no stopping the rise of China's middle class and its quest for an upgrade in lifestyle through the consumption of higher-quality products and services.
"I think you have to understand Alibaba and what Alibaba's doing in the context of the long-term secular trend that's developing in China, which is the rise of the Chinese middle class," said Alibaba Executive Vice Chairman Joe Tsai.