CHINA’S ONLINE HOLIDAY SETS RECORD $9.3B SALES

BEIJING (AP) – China’s largest Internet retailer says it rang up more than $9 billion during the country’s biggest online shopping holiday, setting a record for a single day of sales.

The Singles Day holiday was invented by Chinese college students in the 1990s but has become a day of online shopping for all. Two years ago it surpassed Cyber Monday in the U.S. in value of sales.

It was held on Nov. 11 because of the date’s four 1s.

Hangzhou-based e-commerce giant Alibaba Group announced the record sales of 57.1 billion yuan ($9.32 billion) for Tuesday shortly after midnight.

WANT TO BUILD A FINANCIAL EMPIRE?

Subscribe to the Global Banking & Finance Review Newsletter for FREE
Get Access to Exclusive Reports to Save Time & Money

By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.

The holiday started as an anti-Valentine Day when single people could buy something for themselves online.

WANT TO BUILD A FINANCIAL EMPIRE?

Subscribe to the Global Banking & Finance Review Newsletter for FREE

Get Access to Exclusive Reports - Save Time & Money
Submit
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.
Close