Alibaba’s star-studded 11.11 Countdown Gala was nothing shy of an elaborate New Year countdown with appearances from megastars such as Jay Chou and Mariah Carey. Yet this year’s Singles’ Day was a mix of milestones and setbacks.

Alibaba’s Singles’ Day hit RMB 1 billion (around $144 million) in sales in just 21 seconds and recorded a whopping RMB 213.5 billion in sales during the 24-hour shopping event, topping last year’s record. But despite record-breaking sales, Alibaba’s Singles’ Day sales growth fell from 39% to 27%—the slowest in the shopping fiesta’s 10-year history.

“Today we witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles,” Daniel Zhang, CEO of Alibaba Group said. “Looking ahead, Alibaba will continue to lead the evolution towards the future digital economy and lifestyle.”

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.