BUSINESS, Commerce

Mammoth Spending By Chinese On Singles’ Day

According to press reports, Chinese shoppers spent almost US$18 billion with the e-commerce giant, Alibaba, the world’s biggest online shopping promotion.

china-shoppingSingles’ Day — named for the repeated digit 1 in the date November 11 — was created by Alibaba in 2009.

Since then, the company has been raking in billions of dollars from this annual innovative promotional exercise.

The main U.S. online spending extravaganza which covers five days starting from Thanksgiving to Cyber Monday pales  in comparison to China’s Singles’ Day.

In the US, total online sales for the five-day period last year was US$11.1 billion, according to Adobe Digital Index.

Gross merchandise volume, Alibaba’s key measure of online sales, was 120.7 billion yuan (US$17.8 billion) this year, an increase from the 91.2 billion yuan grossed in 2015.

Consumers spent more than US$1 billion in the first five minutes of the sales, the firm said.

Nigel Belle, Readers Bureau, Fellow

Edited by Jesus Chan

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