SHANGHAI - Chinese 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. Now in just 24 hours it surpasses the main US online spending spree, the five days from Thanksgiving to Cyber Monday. In the US, desktop sales for the five days from Thanksgiving through Cyber Monday last year stood at $7.2 billion, according to Internet analytics firm comScore. Analysts said the event, which has gained more and more traction in the past few years, is key to Alibaba. But sales growth may not match last year's 60 percent rise, he warned, in the face of economic worries and stricter regulation.

Source: Bangkok Post November 11, 2016 03:11 UTC