The biggest shopping day in the world isn’t Black Friday or Cyber Monday

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including the market’s continued hot streak and why China’s Singles Day is the biggest shopping holiday in the world.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what

00:03 we are watching on the street today.

00:06 Stocks are looking to build on their momentum as the rally continues.

00:09 Stocks have closed in the green for eight days straight.

00:13 It marks the longest winning streak in two years.

00:16 November is typically one of the strongest months for the stock market.

00:19 Meanwhile, investors are also digesting weekly jobless claims today.

00:23 117,000 Americans filed for unemployment last week, less than Wall Street had been expecting.

00:30 It's yet another sign that the job market is still resilient.

00:33 In other news, we are quickly approaching the biggest shopping day on the planet.

00:37 And no, we're not talking about Black Friday or even Cyber Monday.

00:41 November 11th is known as China's Singles Day because it falls on 11/11 or 11/11.

00:48 The holiday was created in 1993 to celebrate unmarried people as a form of anti-Valentine's

00:54 Day.

00:55 In 2009, Alibaba began using it as a holiday to promote enormous deals.

01:00 And what started as a one-day sale is now a weeks-long can't-miss shopping event.

01:06 But if you thought the US holiday shopping season brought in big bucks for retailers,

01:10 you might be in for a bit of a surprise.

01:12 According to Bain & Company, the total estimated value of merchandise sold during the 2022

01:17 Singles Day event topped $140 billion.

01:22 That's more than Americans spent online during Black Friday and Cyber Monday combined.

01:27 However, some analysts believe this year's singles event might see a dip in consumer

01:31 spending due to difficult economic conditions in China.

01:34 High unemployment, decreasing income, and a cutback on spending could force would-be

01:39 shoppers to skip out on the sales.

01:42 That'll do it for your daily briefing.

01:43 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:46 Thanks for watching.

01:47 [CREDITS]

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