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Just in one hour, Singles Day in China sales hit USD 10 billion

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Just in one hour, Singles Day in China sales hit USD 10 billion Foto : Singles Day

News24xx.com -  Chinese e-commerce giant Alibaba saw its Singles’ Day sales hit USD 16 billion by mid-morning on Saturday after racing to a billion dollars in just two minutes after the world’s biggest shopping spree opened at midnight.

Singles Day — the frenzied annual celebration of consumption and commerce that is China’s much larger version of Black Friday — began as a protest of sorts against Valentine’s Day, propelled by college students in the 1990s.


This year’s shopping festival entered new territory, blazing past $1 billion within two minutes of the holiday, starting at midnight on Saturday.

Once a celebration for China’s lonely hearts, Singles’ Day has become an annual 24-hour extravaganza that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China’s consumers.

After a star-studded event in Shanghai late Friday, the volume of goods sold on Alibaba’s platforms hit USD 10 billion in just over an hour, and was already heading towards last year’s total of USD 17.7 billion.

The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - are braced for an estimated 1.5 billion parcels expected over the next six days.

“This is a big event for China, for the Chinese economy,” Joseph Tsai, Ali Baba’s co-founder and vice chairman, said ahead of the sales bonanza. “On Singles’ Day, shopping is a sport, it’s entertainment.”

Tsai said rising disposable incomes of China’s over 300 million middle-class consumerS was helping drive the company’s online sales and would continue.

 

 

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