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China’s Singles Day becomes world’s biggest day for online shopping

 China's Singles Day becomes world's biggest day for online shopping 马云刷脸时代周刊:光棍节阿里巴巴成银行.jpg

There are too many men in China。 


That’s not the complaint of alove hungry young Chinese bachelor, but rather a statistical fact: by the year 2020, approximately 30 million more men will reach adulthood and enter the mating market than women. That may not make Chinese men happy, but it’s becomea huge annual boost to China’s online retailers. How? Back in theearly 1990s, Chinese singles created a sort of anti-Valentine’s Day called Singles’ Day, an annual celebration of bachelorhood or bachelorrettehood taking place on November 11.


Singles’ Day has since evolvedinto a major shopping holiday, similar to Black Friday or Cyber Monday here inthe U.S. And just as U.S. corporations like Hallmark adopted Valentine’s Day asan opportunity to boost sales, Chinese online retailers like Alibaba, a massiveonline marketplace, have embraced the cultural phenomenon that is Singles’ Day。


And that embrace comes. China’s Alibaba online marketplace alone reported over $9 billion in sales on Tuesday, skyrocketing past the company’s previous Singles’ Day record of about $5.9billion, MarketWatch reports. Those are stunning numbers — by comparison, U.S. consumers spent just $1.2 billion online during Black Fridaylast year, according to ComScore, andanother $2.29 billion during Cyber Monday, per Adobe Systems. (Factoring in physical store sales, total Black Friday weekend spending in the U.S. last year was a hair over $57 billion。) Those numbers come just two months after Alibaba went public in a $25 billion U.S.-based public offering,which has since hit the record books as the world’s biggest-ever IPO. 



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