Setting a new record, the Singles’ Day sales event launched in China this year has registered massive sales worth $18 billion. At this figure, it easily exceeds the combined sales figures for both Black Friday and Cyber Monday in the United States. The event is launched by e-commerce major Alibaba every year and it shows the level of confidence among Chinese consumers. The Singles’ Day sales originally began as a celebration for lonely hearts, but over the years it has transformed into an annual 24-hour extravaganza for consumers in China. The Singles’ Day sales event is held on November 11 every year, which represents the good luck charm and the promise of new beginnings that comes with the number 11/11.
This year’s Singles’ Day celebration was a star-studded event organized in Shanghai. The event witnessed Alibaba’s co-founder and chairman, Jack Ma, actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing. In just 2 minutes, sales an Alibaba had zoomed past a billion dollars. In around an hour’s time, the sales had crossed $10 billion. By midday on Saturday, the sales were a staggering $18 billion. The mega sale, which is a world record, shows the might of the Chinese economy. China has a huge middle class population of around 300 million, which is primarily responsible for the success of consumer events such as Singles’ Day sales.