"One of the reasons why the 180,000 dealers and 600 million consumers in China and consumers outside of China are so interested in this event is that they have many, many more opportunities to participate and be involved in something that is both fun but also a great experience, "said Alibaba President Michael Evans on Friday at CNBC's" Squawk on the Street ".
In recent years, Singles & # 39; Day has outperformed the transaction volume of Black Friday and Cyber Monday together. The event also surpassed Amazon's Prime Day, which is most similar to Singles Day, as it is also a 24-hour online shopping event.
China's middle class is significantly larger than the US population and the country is technologically smarter, Levitas said.
"They combine the size of the population, their sophistication, their acceptance and their preference for mobile devices, and it is not surprising that the success of the US and, for example, the success of Prime Day will be significantly lower," she said.
According to Levitas, Americans spent an estimated $ 8 billion on Black Friday both in physical stores and online, and Cyber Monday generated about $ 6.6 billion.