Published: Sat, November 11, 2017
Markets | By Rosalie Gross

China sales: Alibaba takes £2bn in minutes on Singles' Day

China sales: Alibaba takes £2bn in minutes on Singles' Day

Combining the most recent Prime Day, Black Friday and Cyber Monday sales gives you only 43% of Alibaba's total sales during last year's Singles' Day. The company has been selling the concept for years now, which has turned the day into more of a retail extravaganza than anything else. Ahead of the biggest single-day online shopping event, topping Black Friday, by a long shot is a star-studded gala. For which we can thank Chinese e-commerce giant Alibaba.

China's Singles' Day is an entertaining festival widespread among young Chinese people, to celebrate the fact that they are proud of being single.

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.

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Singles' Day is a holiday created to serve as an alternative to Valentines Day in China. This year, Amazon recorded a record $1 billion in sales for its made up holiday and it was the largest single day for sales in the company's history. 200 million are expected to watch the gala this year, and tens of millions more will play games, visit stores or try on clothes on their phones.

Feeling down on "Singles Day" this weekend? The event held on the evening on November 10 is basically a warm-up act until the flash sales go live at the stroke of midnight. The Chinese liquor brand Jiang Xiao Bai is offering an enticing deal for those who have an insatiable craving for the strong distilled Chinese spirit know as baijiu.

The agreement also says that if the company folds anytime within 30 years of the purchase then the lifetime supply will be voided.

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