Chinese e-commerce giants Alibaba and JD.com reported that a total of more than US$55 billion ($80 billion) in sales on Monday through Singles Day, an annual marketing event that is the world's busiest online shopping day.
The volume of sales that day, which seems to have reached a new high in the 11th year is a temporary easing of retailers temporarily facing declining demand as Chinese consumers are constrained by slowing economic growth and tariff wars with Washington.
The so-called “11.11 Global Shopping Festival” held on November 11th each year has now surpassed the sum of “Black Friday” and “Cyber Monday” in the United States.
It was originally called "Single Day" because 11.11 is similar to four "single sticks" (a Chinese term used to refer to a bachelor).
Alibaba reported that sales reached $1 billion ($1.5 billion) in just 68 seconds and broke the $30 billion mark at 4.31 pm local time.