A record amount of money was spent online during the Chinese holiday ‘Singles Day’, according to new research.
Newly published figures have estimated that the equivalent of £3.5 billion was spent on gifts on November 11 – the day when single Chinese people traditionally buy gifts for each other.
‘Singles Day’ has become more and more popular across China since being coined in the 1990s. The majority of China’s major e-commerce companies now introduce huge discounts for the event.
According to telegraph.co.uk, more than 800,000 Chinese delivery company employees were asked to work during the event, including 65,000 temporary workers hired especially for the day.
The £3.5 million raised from the 170 million transactions processed is a significant improvement on any other day of e-commerce revenue in the year. It’s more than double what was spent during last year’s ‘Cyber Monday’ and it’s an 80 per cent improvement on last year’s celebrations.
Eric Wong, the managing director for Greater China at Possible, appeared to be far from surprised at the record-breaking figure.
Speaking to benzinga.com, he said: “Chinese people love to shop. If you have the right excuse and the right occasion, they will spend money. One of the tactics to get people to buy is to create a more festive occasion.”