China's Biggest Shopping Event: What Is Singles Day?

11 November, 2017, 01:28 | Author: Terri Saunders
  • SHANGHAI CHINA- NOVEMBER 10 Singer Jessie J performs on the stage during 2017 Alibaba Singles' Day Global Shopping Festival gala at Mercedes Benz Arena

Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the U.S. only total 43% of the sales from last year's Single's Day. More than 140,000 brands will participate this year, Alibaba said.

We all know about Black Friday and Cyber Monday as they are the biggest shopping days in the USA, but China has an even bigger shopping day that was designed by Alibaba Group Holding Ltd (NYSE:BABA).

Alibaba hit $5 billion in transactions in less than 15 minutes on Singles Day, blowing the opening minutes of past years for the one-day shopping event out of the water. For which we can thank Chinese e-commerce giant Alibaba.

It is called Singles Day because it is on 11/11, honoring the number one and the people who are single and would like to treat themselves to something nice.

This year, Citigroup told Bloomberg that Singles Day sales are expected to exceed $23 billion.

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Singles' Day is a holiday created to serve as an alternative to Valentines Day in China.

The first year did only $7.5 million in sales, but just five years later, that record was broken in 12 hours.

Feeling down on "Singles Day" this weekend? Each year Alibaba holds a slickly produced live-streamed and televised countdown gala that has become more and more extravagant.

Alibaba also hosted a star-studded gala enlisting tennis star Maria Sharapova and American rapper Pharrell Williams to pump sales, Bloomberg reported. As of this writing, Jiang Xiao Bai is offering 28 limited sets of a "lifetime supply" of baijiu for ¥11,111 ($1,672).

But tomorrow, no matter what convention you adopt for writing the day and the month, it will be 11.11.

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