Purchases in Chinese online stores hit a record of $25 billion on Singles Day

Almaty. November 13. Silkroadnews - Purchases in Chinese online stores hit a record of $25 billion on Singles Day, The Guardian reports.
“Shoppers have spent more than $25bn (168.2bn yuan) during China’s annual Singles Day, smashing previous records for the world’s largest retail event,” the report said.
“Single’s Day, promoted annually by Chinese e-commerce giant Alibaba and held on 11 November, was supposedly started by bachelor university students in the 1990s who bought themselves presents as a kind of anti-Valentine’s day. The date 11/11 was chosen for its collection of lonely ones,” the publication reads.
On this day, companies offer large discounts on a number of products within 24 hours. Some offers though have certain restrictions, for example, the offer on a lifetime supply of a drink for 1,111 yuan (£1,275) is valid only for the first 33 customers.
Currently, the retail volume during the Single’s Day is almost four times higher compared to the U.S.’s two biggest discount days - Black Friday and Cyber Monday. This year, buyers spent 40% more on Alibaba than last year, and 2016’s sales volume was reached in just 13 hours in the first two minutes after midnight, with more than $1 billion spent.
Other e-commerce companies also reduce prices, but the event is closely related to Alibaba.
“Although not started by the company, Singles Day is now heavily promoted by Alibaba, which runs several online marketplaces in China. Unlike Amazon, Alibaba simply provides a platform for stores to set up an online store, and does not actually sell goods directly to customers,” the report reads.