China's Biggest Shopping Event: What Is Singles Day?

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The event, which started out as an opportunity for Chinese singletons to buy themselves a gift, has spiralled into the world's biggest shopping day of the year.

Singles Day takes place each year on November 11.

Companies like cosmetics maker Shiseido and sanitary goods manufacturer Unicharm hope to sell twice as much as they did past year. The television gala is equivalent to the Super Bowl half-time show.

This year, some Japanese companies plan to launch products and run aggressive sale promotions on China's leading online shopping sites, like those operated by Alibaba.

Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the U.S. only total 43% of the sales from last year's Single's Day.

Alibaba managed to set another one-day online sales record with the 2016 11.11 Global Shopping Event, generating $17.79 billion in sales.

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More than 130 United Kingdom brands are taking part including Burberry, Marks & Spencer, New Look and LK Bennett.

We all know about Black Friday and Cyber Monday as they are the biggest shopping days in the USA, but China has an even bigger shopping day that was designed by Alibaba Group Holding Ltd (NYSE:BABA). Alibaba has not only transformed consumer behavior in China, but merchant behavior as well.

Feeling down on "Singles Day" this weekend?

Worldpay, the global payments company, said it expects British companies to cash in as the weak pound attracts "an influx of Brexit bargain hunters".

The offer is significantly lower than the original price of 99,999 yuan, and the actual selling price will be even less than 11,111 yuan after using store coupons and other discounts provided by Alibaba.

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