So you had a notion that the really big shopping day worldwide was America’s “Black Friday.” Think again, my friends. Recently, Chinese shoppers spent at least $5.7 billion in an online shopping spree on “Singles Day,” loosely is akin to our Valentine’s Day.
Chinese “Singles Day” started in the 1990s as something of an anti-Valentine’s Day promotion. It highlighted dinner or drinks among unmarried friends.
A few years later, Chinese online shopping giant Alibaba turned the gig into an online shopping windfall. In China, where males outnumber the opposite sex by about 34 million, there’s an endless line of lonely hearts who love to shop on line.
This year’s Alibaba sites struck gold with more than 400 million visitors, They bought anything and everything from mobile phones to “boyfriend pillows.” One gal paid a $820,000 deposit for a 13.3-carat diamond ring estimated to be worth $3.3 million.
The retailing giant was happy to announce it sold two million pairs of underwear and 1.6 million bras — all before lunch! Alibaba, which is currently planning an IPO (initial public offering) is also said to be planning a couple of new “Singles Day” shopping events.
When and where can I get my hands on some of the new Alibaba stock?