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China's 24-hour online shopping binge tops $1.5 billion in first three minutes

Reuters  |  SHANGHAI 

By Adam JourdanSHANGHAI (Reuters) - Chinese e-commerce giant Alibaba said sales topped 10 billion yuan ($1.51 billion) in just over three minutes from the opening of Singles' Day, an annual online discount sales gala that has become the world's biggest shopping spree.Once a celebration for China's lonely hearts, Singles' Day has become a 24-hour extravaganza that outsells Black Friday and Cyber Monday U.S. sales combined, and acts as a barometer for China's consumers.After a star-studded event in Shanghai late on Friday counted down to the sale's midnight start, Alibaba said gross merchandise ...

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First Published: Fri, November 10 2017. 22:18 IST
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