Japanese companies stoked for China's Singles Day

SHANGHAI CHINA- NOVEMBER 10 Singer Jessie J performs on the stage during 2017 Alibaba Singles' Day Global Shopping Festival gala at Mercedes Benz Arena

Japanese companies stoked for China's Singles Day

The Alibaba 11.11 (Singles Day) online shopping event kicks off at midnight in China.

Last year, Singles Day saw sales worth nearly $18bn in 24 hours.

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 said gross merchandise volume (GMV) exceeded 10bn yuan (£1bn) in a little over three minutes and the total had reached 19.1bn yuan in under six minutes - more than the entire day's sales in 2012. A lifetime supply of alcohol will be going on sale for less than $1,700, as China's e-commerce giant Alibaba begins a bumper annual shopping festival. Impressive until you compare it to the $17.6 billion in sales generated by Chinese consumers in a single 24-hour period during 2016's Singles Day.

The price is a reference to 11.11, the first name given to the day, meant to represent both the date (11 November) and the single people doing the shopping.

Singles' Day is a holiday created to serve as an alternative to Valentines Day in China.

Nicole Kidman and Pharrell Williams were among the stars who helped get the eighth Singles' Day off to a glittering start. With more worldwide brands participating in the holiday with deals, sales could be much higher than previous year, according to Squali.

Vendors are also getting creative to cut through the competition. As of this writing, Jiang Xiao Bai is offering 28 limited sets of a "lifetime supply" of baijiu for ¥11,111 ($1,672).

The endless batch can be inherited by a family member if the customer dies within five years of the purchase.

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