Singles' Day shopping spree in China

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Added On November 12, 2017

China's e-commerce giant Alibaba reported 10 billion yuan or more than 1.51 billion U.S. dollars in sales in just over three minutes from the start of Singles' Day on Saturday.
 
Last year, it took Alibaba nearly seven minutes to rake in this much.
 
According to Alibaba, gross merchandise volume had almost doubled, to 19.1 billion yuan, or 2.88 billion dollars, in under six minutes - beating the entire day's sales in 2012. 
 
As of 1 a.m. Saturday, transactions were made in 201 countries and regions, the top five being Japan, U.S., Australia, Germany and the Republic of Korea.
 
November 11 has been celebrated as Single's Day since the 1990s. 
 
The date was chosen because 11-11 resembles four "bare sticks," the Chinese term for bachelor. 
 
Alibaba introduced the Single's Day shopping event in 2009 and it has grown to become known as the Chinese version of the U.S.'s Black Friday.
 
Singles' Day has become a 24-hour extravaganza that outsells Black Friday and Cyber Monday U.S. sales combined.