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Published: Sat, November 11, 2017
Economy | By Melissa Porter

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

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

Alibaba hit $5 billion in transactions in less than 15 minutes on Singles Day this year as compare to the cyber shopping event back in 2015, where it took the Chinese e-commerce company a full hour to reach $5 billion in transactions.

In China November 11 is known as "bare sticks holiday" because of how it looks numerically (11.11) and has become a way for people to celebrate their singledom.

Last year, Singles Day saw sales worth nearly $18bn in 24 hours. It started as an informal holiday, sometimes dubbed an anti-Valentine's Day, meant to celebrate those not in relationships.

"Alibaba's Singles Day shopping event no doubt will hit another record in sales this year as the Chinese online giant has expanded it to a 24-day shopping and entertainment bonanza", Andria Cheng, an analyst with research firm eMarketer, said in a statement earlier this month.

This year, some Japanese companies plan to launch products and run aggressive sale promotions on China's leading online shopping sites, like those operated by Alibaba. And previous year, it took the Chinese e-commerce giant a full hour to reach $5 billion in transactions.

In 2009, Alibaba made a decision to turn Singles Days into a cybershopping event along the lines of Black Friday in the United States.

Sales from last year's Singles Day grossed $17.8 billion.

Other retailers will be trying to replicate Alibaba's success on Singles Day.

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