Alibaba's Singles Day Sales Hit New Record of $25.3 Billion
Posted in: Internet Use/New Technologies at 13/11/2017 01:02
Singles Day — the frenzied annual celebration of consumption and commerce that is China’s much larger version of Black Friday — began as a protest of sorts against Valentine’s Day, propelled by college students in the 1990s.
The event’s date, written numerically as 11/11, was associated with unattached singles, known as “bare sticks.”
This year’s shopping festival entered new territory, blazing past $1 billion within two minutes of the holiday, starting at midnight on Saturday. By the end of the day, sales had hit a new record of $25.3 billion, more than 40 percent higher than sales on Singles Day 2016.
China shopping festival smashes record with $25 billion haul
Alibaba, the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event.
Once a celebration for China’s lonely hearts, Singles’ Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China’s consumers.