11.11 Was A Big Day For Retailers In China

BEIJING (November 12, 2012)--Since the 1990s, the Chinese have observed what's called Singles Day, a version of Valentine's Day for those without romantic partners and the date chosen for the annual event was Nov. 11 or 11.11, which can be read as “for” singles.

Retailers capitalize on the day by offering goods at steep discounts and this year shoppers spent a bunch.

Early estimates area that one online consumer mall took in $1.6 billion dollars, which would top the total of $1.25 billion in estimated sales on the last Cyber Monday, which is another big online shopping day.

That would make this year's Singles Day the biggest e-commerce sales day on record.

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