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KPMG predicts new record for China's Singles' Day sales

Xinhua, November 11, 2015 Adjust font size:

Global accounting firm KPMG on Tuesday predicted online sales on the Singles' Day in China, which falls on Wednesday this year, will reach new high due to rising popularity of online shopping among Chinese consumers.

Widely recognized as the anti-Valentine's day, Nov. 11 has become the country's biggest annual commercial holiday, and retailers, online shopping malls and express delivery service across China are geared up for the expected sales boom.

"We expect the sales this time will break the record and will show the great purchasing power of Chinese consumers and the significant position of the holiday in China's retail sector," said Qian Yixin with the retail and consumer products department of KPMG.

Qian said Chinese buyers are increasingly inclined to purchase online, including in purchases of luxuries, cosmetics and clothes.

During the last Singles' Day sales, Alibaba, an e-commerce giant operating the country's largest shopping website, reported 57.1 billion yuan (more than nine billion U.S. dollars) of sales. Endi