Economy

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

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

In fact, it's not even close.

"It's not that we need Singles Day", Alibaba Group President Michael Evans said in an interview with CNBC on Friday.

Singles Day takes place each year on November 11.

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Alibaba hit $5 billion in transactions in less than 15 minutes on Singles Day, blowing the opening minutes of past years for the one-day shopping event out of the water.

More than 140,000 brands will participate in 11.11 in 2017, offering 15 million products The Double 11 shopping event will have more than 60,000 worldwide brands that will offer popular items from authentic autographed sports memorabilia to fresh foods and produce to half a billion Chinese consumers.

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.

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Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 a year ago. With more worldwide brands participating in the holiday with deals, sales could be much higher than a year ago, according to Squali.

Alibaba's sales topped $10 billion after an hour and six minutes.

In 2009, Alibaba made a decision to turn Singles Days into a cybershopping event along the lines of Black Friday in the United States.

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With a focus on retail as entertainment, this year is expected to be bigger with more add-ons including augmented-reality games, shopping tours and virtual fitting rooms. The American watchdog SEC is investigating the accounting methods Alibaba uses for its Singles' Day figures. JD.com has also partnered with Walmart to help fill customer's orders.