Chinese e-commerce giant Alibaba Group Holding Inc (BABA.N) on Monday( November 11) said the sales for its annual Singles’ Day titled as 11-11 shopping spree hit 158.31 billion yuan ($22.63 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.
It took only 63 minutes and 59 seconds for sales to hit 100 billion yuan ($14.3 billion). The first billion yuan was spent in the first 68 seconds, according to Alibaba. Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world’s biggest online sales event.The sales are expected to reach higher figures as the the day progresses.
Also known as “Double Eleven”, the festival’s name originates from the calendar date Nov. 11, with the four ones of 11/11 signifying being single. It started out on Chinese campuses as a celebration of the unmarried or nu-partnered lifestyle.
This year, the 24-hour shopping fest kicked off with a performance by Popular US pop star Taylor Swift.
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