Alibaba posted record sales of $74bn (£56bn) for its annual Singles’ Day Sales event, which this year was extended beyond the usual one day of deals.

The Chinese retail giant posted sales of $74bn (£56bn) over the course of the event, which this year spanned three days between November 1 and 3 followed by the usual November 11 Sale bonanza.

Alibaba’s sales were spurred by a surge in luxury brands including Balenciaga and Prada joining the event for the first time as Chinese shoppers swapped overseas travel for domestic spend amid the ongoing conronavirus pandemic.

The number of luxury brands selling on the platform during the sales event doubled from last year to nearly 200.

Powerhouse brands such as Nike saw their sales hit $15m (£11m) within the first minute of the sales event starting, while luxury brand DVF saw its sales surpass the previous year’s in just 23 minutes.

Alibaba group president Michael Evans said: “To be able to produce that result over an 11-day period shows how quickly and how well the Chinese economy has recovered and how resilient the Chinese consumer is.”