China sales: Alibaba takes £2bn in minutes on Singles' Day

Hit Singles

Get set for the world's biggest online shopping frenzy

In fact, it's not even close.

It has since evolved into a day when consumers in China - single or not - buy gifts and celebrate.

Today is Friday, the 10th of November. Last year, Alibaba saw $17.8 billion in sales during the day-long event, far surpassing the $12.8 billion Americans spent in the four days after Thanksgiving.

The headline sales number is likely to top last year's total of 113bn yuan (£13bn), an increase of almost a third from 2015.

Jiangxiaobai Liquor Company is making its offer Saturday during China's biggest shopping festival - held every November 11, or 11/11 - with an equally numerically symbolic price tag of 11,111 yuan ($1,675).

Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 a year ago. With more global brands participating in the holiday with deals, sales could be much higher than a year ago, according to Squali.

Alibaba started promoting Singles' Day in 2009 as a 24-hour event similar to Black Friday in the United States. It started as an informal holiday, sometimes dubbed an anti-Valentine's Day, meant to celebrate those not in relationships.

To put that figure perspective, Alibaba made more transactions in first 15 minutes of Singles Day this year than it did during the entire first hour of the cybershopping event back in 2015. In the first hour of Singles Day a year ago, about 175,000 hours per second came in.

Other retailers will be trying to replicate Alibaba's success on Singles' Day.

Alibaba is up 110% this year.

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