China’s official consumer holiday “Singles’ Day” has just hit a record-breaking high in terms of sales. Singles day (11/11), given the name due to the repeating number one — referring to being single, the day for shopping sees a wide variety of items heavily discounted from both online and offline retailers.
The biggest pulls on Single’s Day come from sales from Taobao, Tmall, and AliExpress, all owned by Alibaba. This year, Alibaba recorded a record sales of $1.43 billion USD in the first 96 seconds of its 11/11 event. The event went on to pull in $21 billion USD in just only 9 hours, where it is now headed towards breaking last year’s record of $30.8 billion USD in 24 hours.