Today, November 11th, is “singles day” in China– the equivalent of Cyber Monday in the US. Here are some statistics that should illustrate just how powerful the Chinese consumer market is:

“Alibaba’s Tmall, its open marketplace for merchants, saw $177 million spent in the first six minutes. That leapt to $266 million (RMB 1.64 billion) after the first ten minutes, and then to very near $500 million (RMB $3.021 billion) at the 20-minute mark.  After the first 50 minutes, $1 billion had been spent.” –Shanghaiist

“Chinese consumers will spend on average 1,800 yuan ($295) per person during Double Eleven Shopping Festival, according to AdMaster, an independent third-party digital marketing data analysis and management solution provider.” –China Daily

“Starting midnight on Nov. 11, Tmall says its vendors will cut prices by 50 percent or more on selected products from 20,000 Chinese and international merchants, including GAP Inc., Coach and Steven Madden Ltd. The online sales platform is also doling out 300 million yuan in rebates from its own pocket, it said on its corporate website.” –Bloomburg

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Brick and mortar shops could join the fun as well:

“Ahead of Singles Day, which falls on Nov 11, Alibaba has for the first time invited about 30,000 offline stores to participate in the nation’s largest online shopping spree. Shoppers are encouraged to check out the real items in physical stores, put their favorites into online shopping carts by scanning two-dimensional bar codes and buy their choices on Nov 11, when huge discounts will be offered.” –China Daily US

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