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

Posted November 11, 2017

Available on Alibaba's main Tmall platform, the offer comes at a price of 11,111 yuan ($1,675) instead of the 99,999 yuan, the normal cost. Last year, Alibaba raked in $17.8 billion in sales, 82% of which was purchased on a mobile device.

Singles Day is a holiday in China, in which unmarried men and women celebrate their single lifestyle.

Pharrell Williams, British pop singer-songwriter Jessie J, tennis superstar Maria Sharapova and Real Madrid icon Luis Figo will attend this year's 11.11 Countdown Gala Celebration.

That is more than is spent on Europe's biggest shopping days - Black Friday and Cyber Monday - combined.

In two minutes, Alibaba's gross merchandise volume totalled $1 billion and in the next 40 minutes, the site's sales had surpassed $7.5 billion. The American watchdog SEC is investigating the accounting methods Alibaba uses for its Singles' Day figures.

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

To put this year's sales in perspective, it took Alibaba almost five minutes (or more than twice as long) to hit $1 billion in sales on Singles Day in 2016. JD.com has also partnered with Walmart to help fill customer's orders, which could lead to an increase over last year's $60 million in sales for Single's Day, Squali said. A lifetime supply of alcohol will be going on sale for less than $1,700, as China's e-commerce giant Alibaba begins a bumper annual shopping festival. The company moved just 0.69% higher on Friday.