Chinese e-commerce giants Alibaba and JD.com
reported more than $60 billion in sales Monday
on Singles Day, an annual marketing event that
is the world’s busiest online shopping day.
The day was a temporary relief to retailers that
face fading demand as Chinese consumers tighten
their belts, anxious over slowing economic growth
and the tariff war with Washington.
University students created Singles Day in the
1990s as an alternative to Valentine’s Day for
people without romantic partners. Alibaba
adopted it as a marketing tool a decade ago.
Rivals including JD.com, China’s biggest online
direct retailer, and electronics seller Suning
joined in. The tactic has caught on in other Asian
countries, too.
The creators picked Nov. 11 because the date is
written with four singles — “11 11.”
On Monday, retailers offered discounts on
goods from smartphones to craft beer to
health care packages.