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Chinese Singles Day sales slashes previous records

Singles Day – the on-line shopping extravaganza invented by AliBaba has been developing for the last number of years.

A number of key features are:

The holiday is quite literally represented by the days of month. The Nov. 11 represent the two “bare sticks” in the 11/11 date which are meant to indicate the “singles.”

The holiday began as a joke and was first celebrated in the ’90s, according to CBS.

Singles’ Day was first started by a group of college students who wanted to celebrate their single-dom.

The date is known today for its massive shopping sales, after retail firm Alibaba decided to promote the holiday as such.

Because of the money consumers began to spend on the holiday, Alibaba created its famous “Double 11” copyrighted term.

In a comparison between Cyber Monday in U.S. and Singles’ Day in 2013, Cyber Monday generated little over $1 billion in sales while Singles’ Day brought in close to $6 billion, according to BBC.

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The BBC also reported that E-commerce giant Alibaba has beaten its sales record for its annual Singles Day event.

About 20 hours into the event, Alibaba sales had reached 103bn yuan ($15bn; £12bn), easily topping the previous record set last year of $14.3bn.

But some have questioned the accuracy of the numbers, amid claims of inflated sales data at Chinese online retailers.

Merchants passing off counterfeit goods as genuine is also a problem in the industry.

Alibaba reported 85% of purchases had been made on mobile phones during Singles Day.