The chinese E-commerce giant Alibaba’s “Singles Day” festival has posted a record 120.7 billion yuan (16 billion euro) worth of sales.br br However, the gala shopping day saw growth slow as Chinese shoppers searched for deeper discounts.br br br br br Alibaba Singles' Day Sales Pass 2015 Total, But Growth Rate Slows — Entrepreneur (@Entrepreneur) November 11, 2016br br br br br br br The businessbr br br br br br Amid fanfare and celebrity razzmatazz, sales on Alibaba’s platforms raced to 900 million euros in less than five minutes.br br It broke last year’s total with almost nine hours of the day-long shopping gala to spare.br br The final total marked a 32 percent rise from 2015.br br However, growth was significantly lower than the 60 percent increase seen last year, a reflection, analsysts say, of more caution among shoppers.br br br br br Alibaba Singles' Day sales race past $5 billion in first hour pic.twitter.comSBak4uGz3Y— Reuters Top News (@Reuters) November 11, 2016br br br br br br br Are there any other reasons for the slowdown?br br br br br br Possibly.br br It comes amid a more saturated domestic online retail market, a weaker economy and sluggish personal income growth hitting customers’ wallets.br br A strong US dollar has also hit the headline sales figure in dollar terms.br br br br br br What is “Singles Day”?br br br br br br The 24-hour event, held annually on November the 11th, offers a benchmark for Alibaba’s performance.br br It also provides insight into China’s swing to online shopping, especially via smartphones.br br The discount shopping day for the unhitched and uncoupled still shifts more goods than the Black Friday and Cyber Monday sales days in the United States.br br br br br Swinging Singles’ Day: Alibaba holiday drives shoppers in China — Wall Street Journal (@WSJ) November 11, 2016br br br br br br 1111 is #SinglesDay in China, where single people treat themselves with gifts. It's also Alibaba's biggest day. — NPR Extra (@NPRextra) November 11, 2016br br br br br br br What they are sayingbr br br br br br “On November 11, Singles Day, we see the huge potential of China’s consumer market. To achieve this much with out current, basic infrastructure, I am feeling extremely satisfied,” – Alibaba Chairman Jack Mabr br br br br The CEO of the Alibaba Group, Daniel Zhang, said Alibaba was seeking a “perfect way to combine entertainment, interaction and commerce.