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China shopping festival smashes record with $25 billion haul

06:24 EST 11 Nov 2017 | Yahoo News

China shopping festival smashes record with $25 billion haulAlibaba, the Chinese e-commerce giant, said on Saturday its Singles' Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world's biggest shopping event. Once a celebration for China's lonely hearts, Singles' Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China's consumers. As tills shut midnight on Saturday, Alibaba's live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan last year.


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