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Chinese spend billions on Singles' Day

David Beckham (C) and his wife Victoria Beckham (3rd L) attend the 2016 Tmall 11:11 Global Shopping Festival gala in Shenzhen, south China's Guangdong province, on November 10Chinese shoppers spent more than $1 billion in the first five minutes of Singles Day on Friday, e-commerce giant Alibaba said, in the world’s biggest online shopping promotion. Singles’ Day — named for the repeated digit 1 in the date November 11 — was created by Alibaba in 2009. Shortly after noon, gross merchandise volume — Alibaba’s key measure of online sales — had reached 82.4 billion yuan ($12.1 billion), the firm said, already closing in on last year’s total.

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