Singles Day is like if Amazon Prime Day was a real national holiday. And this year, shoppers in China spent $25 billion in 24 hours.
The 8-year-old e-commerce holiday promoted by Alibaba—Amazon’s biggest competitor and an e-commerce force in China—started as an anti-Valentine’s Day encouraging single people to buy gifts for themselves every Nov. 11. Now, it comes with crazy deals and nationally televised concerts. This year, Nicole Kidman and Pharrell Williams made appearances.
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Shoppers spent $25.3 billion, or 168.2 billion yuan, this year—a 40 percent jump from last year’s $17.8 billion. That’s 1.48 billion transactions, or 256,000 transactions per second at the day’s peak. Read more…
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