China Sets Singles Day Spending Record With $1B In 8 Minutes
It took eight minutes for shoppers in China to blow a billion dollars during Singles Day, a holiday created by e-commerce giant Alibaba.By Mari Jo Valero | November 11, 2015
It took eight minutes for shoppers to blow a billion dollars buying items from China's largest online retail company, Alibaba. It was during Singles Day — the biggest online shopping event in the world.
The BBC reports that 14 hours into the event, sales on Alibaba had climbed to $10 billion. That's more than the grand total of last year's online sales on Singles Day.
To put this into perspective, the biggest online shopping day in the U.S. — Cyber Monday — only hit $2 billion in sales last year.