China's Single Day - bigger than Black Friday and expected to smash $20bn

SHANGHAI CHINA- NOVEMBER 10 A general view of atmosphere at 2017 Alibaba Singles' Day Global Shopping Festival gala at Mercedes Benz Arena

This year? $20 billion?

Alibaba Day, known as the "11.11 Global Shopping Festival", is the largest e-commerce day in the world, driven by the main Alibaba platform, Tmall.

Watch Alibaba's stock price live here. It has since evolved into a day when consumers in China - single or not - buy gifts and celebrate.

It took just two minutes and one second for e-commerce giant Alibaba to hit $1 billion in sales for Singles Day, China's annual online shopping extravaganza, the company said Saturday. Amazon's own made up "Prime Day" celebration boasted $1 billion in sales for the first time this year, a feat that took the company 30 hours of sales to achieve.

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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).

"Double 11" or "Singles Day" was created by Alibaba in 2009 as China's online answer to the late-November US "Black Friday" shopping spree, and it draws hundreds of millions of consumers every year.

Previous year the shopping holiday drove $18 billion worth of retail sales for participating sellers, a pop-up luxury hub, Double 11 Musée, will appear online and in the Tmall app for high-end brands. The American watchdog SEC is investigating the accounting methods Alibaba uses for its Singles' Day figures.

Shares of Alibaba were relatively unchanged as the Chinese Holiday started on Friday in the US.

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