China’s Singles Day, every year on November 11 since 2009, became the world’s biggest shopping day in 2012 when it surpassed America’s annual shopfest. Photo credit: estherpoon / 123RF.
China’s biggest shopping day, dubbed Singles Day, just wrapped up yesterday. The sum of money spent – a grand total of US$17.7 billion in just 24 hours on Alibaba’s marketplaces – is so vast that it’s hard to put into perspective. So here are some ways to frame it:
- China’s Singles Day was bigger than nine months of ecommerce in India – that’s because India is set to see US$23.4 billion in online shopping during the course of 2016.
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This year’s Singles Day, which comes round every November 11, was three times bigger than America’s Black Friday and Cyber Monday combined in 2015.
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The day accounted for 2 percent of China’s total online shopping expenditure this year – an anticipated US$911 billion, rising to beyond a trillion bucks in 2017.
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All the money spent was just short of Afghanistan’s estimated GDP this year – and precisely twice that of the Republic of Congo.
Little wonder that Alibaba founder Jack Ma is China’s richest tech boss.
Screengrab of Jack Ma at World Economic Forum.
This post 1 day of online shopping in China is bigger than 9 months in India appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/china-singles-day-shopping-frickin-massive
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