Alibaba's Singles Day Is About to Put Amazon Prime Day to Shame
Alibaba (NYSE: BABA) crushed analyst expectations for its second quarter last week but the company has barely had time to celebrate as it preps for its biggest sales day of the year on November 11: Singles Day.
The sales holiday takes place on November 11 each year, supposedly because of the loneliness of the number "11" with its two "ones." Started in the 1990s to help single people celebrate a sort of anti-Valentines holiday, Alibaba took advantage of the sentiment in 2009 by encouraging people to buy gifts for themselves since they don't have a significant other.
For a made-up holiday, Singles Day does pretty well. Last year, Alibaba recorded $17.8 billion in sales during its 24-hour Singles Day event, up from $14.3 billion in 2015. This year, customers are expected to spend $23 billion on Alibaba's platform this Saturday, according to global consulting firm Oliver Wyman.
Source: Fool.com
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