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Citigroup estimates that Singles' Day in China could generate $24b in sales this Sunday - approximately 6x the roughly $6b in sales generated on Black Friday last year in the U.S.
Alibaba Group Holding Ltd. is prepping for Singles’ Day, an annual Nov. 11 online shopping fiesta that Citigroup Inc. estimates could generate a record 158 billion yuan ($24 billion) of sales this year. The bargains bonanza, which began in 2009 as an excuse to get lonely Chinese consumers to shop, now far outstrips sales during Thanksgiving, Black Friday and Cyber Monday in the U.S.This year, Alibaba is trying to connect real and virtual worlds by enlisting 600,000 convenience stores in China to hawk goods and get billions of parcels shipped to customers nationwide.
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