Economy

On China's Singles Day

On China's Singles Day

Today is Friday, the 10th of November.

Alibaba began launching "Double 11" deals in 2009 just as online shopping was starting to explode and trademarked the term "Singles Day" by 2012.

Last night, as the bonanza started, online retailer Alibaba reported takings of £3.8 billion in less than 15 minutes. The television gala is equivalent to the Super Bowl half-time show. "It's the opportunity for consumers to explore and find new brands and new products".

Alibaba kicked off this year with gala featuring a mix of Chinese and American stars, including musician Pharrell Williams, actress Nicole Kidman and tennis player Maria Sharapova.

Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 a year ago.

We all know about Black Friday and Cyber Monday as they are the biggest shopping days in the USA, but China has an even bigger shopping day that was designed by Alibaba Group Holding Ltd (NYSE:BABA).

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In recent years, Singles Day has garnered more revenue than both Black Friday and Cyber Monday combined as Alibaba is the largest e-commerce retailer in the Eastern hemisphere.

Feeling down on "Singles Day" this weekend?

A report by Royal Mail found that 55 per cent of online shoppers in China buy goods from the United Kingdom - spending an average of £104 a month on items from British retailers.

Worldpay, the global payments company, said it expects British companies to cash in as the weak pound attracts "an influx of Brexit bargain hunters".

Comparing Single's Day to Amazon's "Prime Day" gives a good idea of the massive scale of the holiday. It will also be possible to knock down the price with coupons and other Alibaba discounts.

The nature of the probe isn't clear, but critics have claimed that merchants selling on Singles' Day have inflated their sales figures.


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