Singles Day, the 24 hour event dubbed the Double 11 shopping festival in its native China, takes place on November 11 and is Asia’s equivalent to the US’s Black Friday sales. Online retailers offer massive sales and discounts with shoppers snapping up billions of dollars worth of bargains.
Each year the buzz around the event grows and in 2019 Chinese e-commerce giant Alibaba shattered it own sales record, surpassing last year’s figure of approximately US$30 billion dollars.
Amid China’s slowing economy and an ongoing trade wars with the US, there were concerns around weakened consumer spending. Singles Day’s eye-watering sales, however, proved that November’s online shopping frenzy is booming and looks set to continue.
You can read more about the annual ecommerce extravaganza here.
