Singles Day is a national holiday in China and the world’s largest shopping event. Young Chinese people celebrate their pride in being single, and the date, 11/11, was chosen because it resembles a person who is alone. This year was the 11th edition of Singles Day.
It’s hosted every year by Chinese e-commerce giant Alibaba (BABA - Free Report) , and the company hit a new sales record: over $30 billion; gross merchandise volume (GMV) hit $12.01 billion in the first hour. This easily surpasses any single U.S. shopping holiday like Black Friday or Cyber Monday.
Some of the top-selling products included Apple’s (AAPL - Free Report) iPhone 11 and Huawei’s 5G Mate Pro smartphone.
Alibaba wasn’t the only company offering deep discounts. Competitors JD.com (JD - Free Report) and Pinduoduo all offered their own sales, as well as some of Southeast Asia’s e-commerce platforms like Lazada.
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