Alibaba says the 11.11 Shopping Festival is the world’s biggest 24-hour online sale.
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E-commerce giant Alibaba's Singles' Day sales broke through the $8 billion mark late Tuesday, illustrating the buying power of the Chinese consumer and the importance of the event in the retail calendar.Alibaba turned the Singles' Day celebration, a Nov. 11 Chinese response to romantic holidays like Valentine's Day, into an online shopping festival in 2009 .The numbers are boosted by Alibaba's "pre-sales initiative".China's Xiaomi Technology Co Ltd, the world's third-largest smartphone maker, which also uses the Singles' Day festival to boost turnover, said on its official Weibo account its sales had so far surpassed 1.4 billion yuan, and as of Tuesday evening it had sold more than 1 million handsets.
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