November 11, 2020 2:58PM ET

What Happened on Singles Day and Why it Matters for US Brands

Alibaba revealed that the GMV of products sold throughout its 11.11 Singles Day shopping event reached a record $74.1 billion over 11 days. — Delivery workers sort out parcels piling up at a pickup point near a residential apartment buildings in Beijing, Wednesday, Nov. 11, 2020. Chinese consumers are expected to spend tens of billions on everything from fresh food to luxury goods during this year’s Singles’ Day online shopping festival, as the country recovers from the pandemic.

CREDIT: AP Photo/Andy Wong

Singles Day once again delivered on the hype surrounding the global shopping extravaganza, giving retail a glimmer of hope for holiday spending. Alibaba says its made-up shopping holiday broke yet another record, with the gross merchandise value (GMV) of goods sold through its digital platforms from Nov. 1-11 reaching 498.2 billion RMB ($74.1 billion), nearly…

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