Chinese Consumers Spent A Record $5.7 Billion On Singles' Day
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Alibaba Group
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Alibaba's two shopping platforms, Tmall and Taobao Marketplace, were expecting sales of at least $4.9 billion during the 24-hour online shopping blitz, which is held on Nov. 11 every year. Last year, sales for Alibaba totaled $3.1 billion.
By comparison, U.S. consumers spent $1.5 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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