Online shoppers spent more than US$14 billion (NZ$20.7 billion) within the first two hours of China's annual buying frenzy on Sunday, once again breaking records as the consumer tradition enters its 10th year. The improvised holiday has since been co-opted by e-retailers and transformed into China's version of Cyber Monday - the busiest time for online shopping in the US. NG HAN GUAN/AP Jack Ma, Alibaba's chairman uses his smart phone to record the start of Alibaba's Global Shopping Festival. Singles Day "is not a day of discounts, but rather a day of gratitude,'' Ma said in the video. Hong Tao, an economics professor at Beijing Technology and Business University, said Singles Day encourages shoppers to prioritise cheap prices over high quality, causing them to purchase items they don't need.

Source: Stuff November 11, 2018 05:26 UTC