Chinese Consumers Spent A Record $US5.7 Billion On Singles' Day

Singles DayAlibaba GroupShopping Festival full-day sales data is shown at the Alibaba Group corporate campus in Xixi District, Hangzhou, China on November 11, 2013

China’s
biggest online shopping day of the yearended Monday with a record $US5.7 billion in sales for Alibaba Group, the country’s top e-retailer.

Alibaba’s two shopping platforms, Tmall and Taobao Marketplace, were expecting sales of at least $US4.9 billion during the 24-hour online shopping blitz, which is held on Nov. 11 every year. Last year, sales for Alibaba totaled $US3.1 billion.

By comparison, U.S. consumers spent $US1.5 billion on “Cyber Monday” last year.

The shopping day coincides with a Chinese holiday called “Singles’ Day,” which

started out in the 1990s as a protest to Valentine’s Day.

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