The annual online Chinese shopping day beats out any other global holiday shopping season.
November 11, 2015
Chinese online retailer Alibaba Group reaped big consumer revenue on Singles Day, with consumers spending $1 billion just in the first eight minutes of the global event.
The sale event, as reported by Time, is a reiteration of Black Friday and Cyber Monday that is held every year on Nov. 11. The average China-based shopper spends about $277, and that spending has been increasing 22 percent since the event began in 2009, according to Time.
Singles Day is the global leader in terms of a sales holiday and closest U.S. sales event in terms of spending is Cyber Monday, which hit $1.35 billion last year. Last year's Thanksgiving shoppers spent $50.9 billion over the four-day holiday weekend period.
