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Singles' Day: What to Know About Alibaba's (BABA) Mega Shopping Event

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Alibaba’s (BABA - Free Report) Singles’ Day (November 11) has grown to be the world’s largest online shopping day. Started 10 years ago, Singles’ Day is like Black Friday and Cyber Monday in the U.S., but just much, much bigger.

The sale covers popular things like TVs, smartphones, clothing, and furniture. People even stock up on health products, cleaning supplies, and toilet paper.

Last year, Alibaba sold over $25 billion worth of goods. There were 1.48 billion transactions with a peak of 325,000 orders per second.

Singles’ Day was renamed to “11.11 Global Shopping Festival” in 2015 as Alibaba grew sales beyond its core China market. 

November 11 first became important in China in the 1990s as a bachelor celebration day. Later, it took on a new meaning as a day to celebrate relationships and find a potential partner.

Singles’ Day 2018 is expected to be bigger than ever, despite ongoing trade disputes and China’s economic struggles.

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