Source: CNBC
Published: November 2019

Alibaba’s Singles’ Day

Circulated: November 11, 2019

On November 11th each year, Alibaba hosts their Singles’ Day shopping blitz. Also known as “Double Eleven”, the festival’s name originates from the calendar date, with the four ones of 11/11 signifying being single.

Sales hit $1 billion in 68 seconds and reached $12 billion in the first 60 minutes (+22% YoY). Alibaba expects 500 million users to participate in the shopping festival (+100 million users YoY).

For comparison, in Amazon’s 2-day Prime Day event sales amounted to $7.2 billion in 2019, according toStatista.