Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
SECTIONS
ET APPS
ET Android AppET iPhone AppET iPad AppET Wealth Android AppET Blackberry AppET Markets Android AppET Markets iPhone AppET Money Android App
ENGLISH
हिन्दीગુજરાતી
E-PAPER
ET PRIME
FOLLOW US
FACEBOOKTWITTERYOUTUBELINKEDINGOOGLE PLUSRSS
Business News›News›International›How Singles Day became biggest shopping spree in China

How Singles Day became biggest shopping spree in China

Breaking records

Breaking records

Online shoppers spent more than $14 billion within the first two hours of China's annual buying frenzy, once again breaking records as the consumer tradition enters its 10th year.

(In pic: A Tmall mascot (2R) performs during the 2018 Tmall 11:11 Global Shopping Festival gala in Shanghai)

1/6
AFP
China celebrates Singles Day

China celebrates Singles Day

Known as Singles Day, the clamor for deals and discounts was heralded with characteristic fanfare by Chinese e-commerce giant Alibaba, which has turned an unofficial holiday for people without romantic partners into a yearly windfall for digital retailers.

Singles Day began as a spoof event celebrated by unattached Chinese university students in the 1990s. In Chinese, it's called "Double 11,'' after the numbers in the month and date.

2/6
Getty Images
Not a day of discounts

Not a day of discounts

Alibaba founder Jack Ma attended the start of the gala in Shanghai and appeared in a video message in which he wrapped up live hair crabs, a popular online purchase.

Singles Day "is not a day of discounts, but rather a day of gratitude," Ma said in the video. "It's when retailers use the best products and best prices to show their gratitude to our consumers."

3/6
Reuters

State Farm ® Here to help life go right. ®

State Farm ® is here to help with all your auto and home insurance needs. Get a quote now.

Ad: STATE FARM INSURANCE

On cloud nine

On cloud nine

A massive screen at Alibaba's gala in Shanghai showed the surging sales numbers in real time: At 2 minutes and 5 seconds after midnight, 10 billion yuan ($1.43 billion) in purchases had been made on Alibaba's platforms.

By the 1 hour and 47 minute mark, that number had increased tenfold.

(Representative image)

4/6
Reuters
Environmental implications

Environmental implications

The occasion also has big environmental implications.

Both Alibaba and competitor JD.com have pledged to use biodegradable packaging to cut down on waste

Greenpeace estimated that by 2020, "biodegradable" packaging could produce roughly 721 truckloads of trash in China every day.

5/6
AFP
Under fire

Under fire

Chinese e-commerce platforms have come under fire in the past for peddling low-quality and counterfeit items. Hong Tao, an economics professor at Beijing Technology and Business University, said Singles Day encourages shoppers to prioritize cheap prices over high quality, causing them to purchase items they don't need.

"People are swept up in the festivities,'' Hong said in a phone interview. ``This burst of consumption, confined to just one day, can be exhausting for both buyers and sellers."

6/6
Getty Images

State Farm ® Here to help life go right. ®

State Farm ® is here to help with all your auto and home insurance needs. Get a quote now.

Ad: STATE FARM INSURANCE

X
User