This year’s Singles’ Day comes after the Chinese economy also shows signs of recovery.
In 2009, China's e-commerce giant Alibaba Group created the connection between Singles' Day and online shopping as the company tried to generate sales by offering special prices and promotions.
Since the successful Alibaba's shopping festival launch, other e-commerce platforms in China have also implemented sales on Singles' Day, profiting immensely from millions of netizens on shopping sprees.
Singles' Day online sales usually surpass the U.S. Cyber Monday sales, Black Friday or any other 24-hour shopping campaign by a wide margin making it the biggest shopping holiday globally.
During the 2020 Singles' Day shopping festival, Chinese consumer spending on Alibaba's e-commerce platforms amounted to 74.1 billion U.S. dollars.
About 800 million shoppers participated in 11.11 last year. At its peak, the number of orders per second reached 583,000. During the 24 hours, Alibaba's , the B2C site, offered 16 million products from over 250,000 brands.
Will Alibaba and its competitors top the 2020 sales records?
Sources: cnbc.com, time.com