November 11 in China is known as Singles’ Day.
The holiday celebrates people who aren’t in a relationship. The reason they chose November 11 is because the day can be written 11/11. And we all know one is the loneliest number.
Much like Valentine’s Day in America, Singles’ Day has been commercialized. It’s China’s biggest shopping day of the year.
This year, China’s largest retailers, Alibaba and JD.com, had combined sales of $115 billion. This number shattered last year’s sales record of $71 billion combined.
Alibaba Group Holding Limited (NYSE: BABA) is an online retail giant, widely known as the Amazon of China. It led the charge with $74 billion in sales.
Rival JD.com, Inc. (NASDAQ: JD) fared well also with about $41 billion in sales.
The sales are a strong sign of economic recovery for China, the world’s most populous nation. The COVID-19 pandemic — which was first detected in Wuhan, China in late 2019 — brought the country’s economy to a halt. Strict control over the population appears to be limiting the spread.
Despite the record sales, both companies’ stock prices have suffered in recent days. Chinese regulators are threatening to pass new laws that could hurt the retailers’ future sales.
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