BUSINESS

Chinese Go Shopping Crazy On Singles’ Day

Chinese Go Shopping Crazy On Singles’ DayNovember 11 is designated as Singles’ Day in China – a day to celebrate being unmarried as well as a counteraction to Valentine’s Day.

Reports indicate that last year holiday sales online amounted to over $4 billion – dwarfing the $1.5 billion sales on cyber Monday in the U.S.

The holiday was initially celebrated in the 1990s by students at various universities and viewed as a time to socialize by staging parties and meeting new friends.

However, the rise of Internet technology has popularized the day and made it into a phenomenal online shopping day now often referred to as cyber Monday.

Last year the Alibaba’s data showed that 13.7 million buyers placed orders in the first minute of the holiday sales and at the same time took over 13 hours for the company to top the 10-billion RMB benchmark.

Yvad Billings, Readers Bureau, Fellow