Chinese shoppers flocked to online retailers on Monday for “Singles’ Day” — one day out of the year that e-tailers have dedicated to singles splurging on themselves.
Shoppers spent $5.75 billion on China’s biggest online trading platform, Alibaba Group, surpassing last year’s single-day sales of $3.1 billion, Bloomberg reported.
That compares with just $2.3 billion in expected sales for America’s biggest online shopping day, “Cyber Monday,” on Dec. 2 and the $1 billion spent on “Black Friday” last year, the Daily Mail reported.
Major Chinese retailers Taobao and Tmall received a staggering 340,000 transactions in just the first minute of sales, which began at midnight, the Daily Mail said.
Singles’ Day originated on Chinese campuses during the 1990s, and it was designed for singles because Nov. 11 consists of four “1s,” reminding people of the Chinese word for bachelors — “bare branches,” the Communist Party-owned People’s Daily reported.