"'Singles Day is supposedly the flip side of Valentine's Day. It was created by Chinese single male university students in the 1990s who cheered themselves up by purchasing something nice for themselves. The date selected was 11/11, with the repeated number 1 symbolising solo living. By 2009, the event had become a global sales sensation, with people spending money not only on themselves but also buying presents early for Christmas."
"'It's now the biggest single event in the global retail calendar. Not only does it eclipse the entire Black Friday/Cyber Monday week but it also dwarfs similar events such as Amazon's Prime Day. This year's Prime Day four-day sale brought in $24bn globally, which was a new record, but didn't put a dent in the Singles Day figures."
"'China has been quick to learn from Amazon's example when it comes to extending a single day to a week or more. Just as Amazon's Prime Day now extends over four days, Alibaba this year announced it was kicking off its "1.11 Global Shopping Festival" on 15 October. In other words, Singles Day just became Singles Month."
Singles Day began in the 1990s among Chinese single male university students who chose 11/11 to symbolise solo living and to buy themselves gifts. By 2009 the event expanded into a global retail phenomenon with shoppers also purchasing early Christmas presents. In 2024 total Singles Day sales reached approximately $203.6bn, significantly exceeding Black Friday/Cyber Week sales of around $38bn and Prime Day's $24bn. Many UK shoppers remain unaware of Singles Day, though British consumers spent about £2bn during the event last year. Retailers are increasingly extending Singles Day into multi‑week or month‑long sales.
Read at London Business News | Londonlovesbusiness.com
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