BUSINESS

Singles’ Day Drags In Over $25 billion In 24 Hours Shopping Spree

Photo credit:
Chrionexfleckeri1350

Chinese Singles’ Day or Guanggun Jie is an entertaining festival widespread among young Mainland Chinese people, to celebrate the fact that they are proud of being single.

The day, however, has become the biggest shopping extravaganza on the planet.

Chinese e-commerce giant Alibaba (BABA, Tech30) said that Singles’ Day sales soared past $18 billion after just 13 hours of the retail blitz.

This surpassed sale of $17.8 billion achieved in the full 24 hours last year.

Singles Day, a bonanza of online spending in China, has for years racked up more sales than the U.S. Black Friday and Cyber Monday combined.

Earlier in the day, Alibaba said eager shoppers had managed to spend $1 billion in just 2 minutes.

As the clock struck midnight in Shanghai, the final sales tally rang in at $25,386,927,848, marking about a 40% increase over last year’s record-setting sales total.

Yvad Billings, Readers Bureau, Fellow

Edited by Jesus Chan

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