Singles Day was begun by Chinese college students in the 1990s as a version of Valentine’s Day for people without romantic partners. Unattached young people would treat each other to dinner or give gifts to woo that special someone and end their single status. That gift-giving helped to turn it into a major shopping event.
- The 50,000-plus merchants on Alibaba’s consumer-oriented Taobao and Tmall.com platforms, took in a total of 19.1 billion yuan ($3 billion) from midnight Saturday to midnight Sunday. That would top the total of $1.25 billion that research firm comScore said U.S. online retailers took in last year on Cyber Monday and might make Singles Day the biggest e-commerce sales day on record.