Alibaba's Tmall Singles' Day sales hit 10 billion yuan in 96 seconds. [Photo/China Daily] 

It took just 96 seconds for Alibaba Group to net the 10 billion yuan ($1.43 billion) worth of gross merchandise volume at midnight of Nov 11 as the internet conglomerate takes the annual shopping bonanza into its second decade.

This was shorter than last year's 125 seconds to cross the same threshold, indicating strong consumption momentum shoring up the Chinese economy.

"This year, new consumption marks the largest departure from its previous editions," said Alibaba chairman and CEO Daniel Zhang. "It is more than a shopping festival-it is also an occasion for brands to grow and interact with consumers." 

Transaction volume reached 43.99 billion yuan in the first 10 minutes, and hit 100 billion yuan in one hour, three minutes, 59 seconds.

Like previous years, the event kicked off with a star-studded countdown gala celebration in Shanghai, headlined by US singer Taylor Swift, whose latest album "Lover" has smashed records in China, as well as local celebrity Jackson Yee, a magnet among the younger generation of shoppers.

Alibaba said more than 200,000 brands are participating in the 11th Singles Day gala, with 1 million new products being offered and more than 500 million users forecast to spend, 100 million more than last year. It added that the estimated consumer savings from brand and platform promotions and coupons could reach 50 billion yuan.

More than 64 brands achieved over 100 million yuan in gross merchandise volume in the pre-order phase from Oct 21, which was twice the number of brands compared to last year, the company said.