Economy

China's Biggest Shopping Event: What Is Singles Day?

China's Biggest Shopping Event: What Is Singles Day?

Single's Day started as an obscure "anti-Valentine's" celebration for single people in China back in the 1990s, but it has spawned into the world's biggest online shopping day after Jack Ma, the billionaire owner of shopping giant Alibaba spotted an opportunity.

Jiangxiaobai Liquor Company is putting up a never-ending supply of booze for sale Saturday, marking the biggest shopping holiday in the world, AFP reports.

In two minutes of sales time, Alibaba's gross merchandise volume totaled $1 billion.

Shiseido opened a popup store in Shanghai on Wednesday to exhibit its main offerings for this year's Singles Day.

Alibaba began using the day for product discounts in 2009. It has since evolved into a day when consumers in China - single or not - buy gifts and celebrate. Think Black Friday, but even more staggering.

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Many Japanese makers of consumer goods are positioning themselves to cash in on China's Singles Day, as the November 11 holiday for celebrating the single life has morphed into an online shopping extravaganza in recent years.

Alibaba also hosted a star-studded gala enlisting tennis star Maria Sharapova and American rapper Pharrell Williams to pump sales, Bloomberg reported.

Alibaba says Double 11-related sales past year reached United States dollars 17.8 billion in gross merchandise value, up 32 per cent from 2015.

Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 previous year.


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