Chinese shoppers spend over $100 billion in Singles' Day extravaganza

mood · Nov 13, 2020

Chinese shoppers spend over $100 billion in Singles' Day extravaganza
Event started in 1993 by Chinese students to celebrate singlehood is now an annual shopping bonanza
November 11, 2020
https://www.cbsnews.com/news/chinese-shoppers-spend-over-100-billion-in-shopping-fest/

"Singles' Day" may sound lonely, but those who took part in the world's largest annual shopping spree found togetherness in spending over $100 billion during the event, according to Alibaba.

The final sales figure blew away last year's $38.4 billion over 24 hours, after Alibaba extended its sales period this year for the first time as it sought to help boost sales for merchants affected by the coronavirus pandemic.
The annual Singles' Day shopping festival, the world's largest of its kind, offers shoppers discounts on a variety of products, from fresh produce to luxury items.
Click to expand...

Also participating in the festival are A-list celebrities, singers and sports stars from around the world who take part in online promotional events and performances on Chinese TV networks throughout the festival.
Barometer for consumption
The annual shopping festival is closely watched as a barometer for consumption in China.

"We looked at Black Friday in the U.S. and said, 'Why don't we have our own Black Friday in China?'" said Alibaba CEO Daniel Zhang in a statement on its website.
Singles' Day falls on November 11, which when written numerically as 11.11 resembles "bare branches," a Chinese expression for the single and unattached.
Click to expand...

Log in or Sign up

Chinese shoppers spend over $100 billion in Singles' Day extravaganza

mood Updates Team

Log in or Sign up

Chinese shoppers spend over $100 billion in Singles' Day extravaganza

mood Updates Team

Useful Searches