SINGLES’ Day is a phenomenon which began in China and has quickly become the world’s biggest shopping extravaganza, attracting millions of bargain-hunters, single or otherwise.
Here’s everything you need to know about Singles’ Day and how it compares to Black Friday and Cyber Monday.
1
When is Singles’ Day?
Since it started in 2009, Singles’ Day has become almost four-times larger than Cyber Monday, the biggest shopping day in the US calendar.
Now promoted by Chinese e-commerce giant Alibaba, the event is held annually on November 11 and has also smashed sales records for Black Friday.
More than twice as many goods are sold over the 24-hour period than during the five-day US holiday buying spree that ends on Cyber Monday, November 29.
In 2019, Chinese online shopping giant Alibaba raked in an incredible 268.4 billion yuan (around £30 billion.)
Why is it called Singles’ Day?
Singles’ Day is said to have been started by bachelor students in the 1990s, the idea being to buy themselves presents to celebrate being single.
The date 11/11 – also written 11:11- was picked because the digits represent a collection of lonely ones, or “bare branches”, the Chinese expression for the unattached.
The event was initially an “anti-Valentine’s day” celebration on university campuses and to celebrate single people in China.
Now the day has become a shopping frenzy.
Alibaba even flies celebrities to Shanghai to perform at a televised gala to mark the start of Singles’ Day.
Past guests have included David and Victoria Beckham, Daniel Craig and Nicole Kidman.
Why does Singles’ Day revolve around shopping and how does it compare to Black Friday?
As Alibaba’s billionaire co-founder Jack Ma started building the company, he latched on to the idea of revolving a shopping event around a holiday.
Early on, the company’s marketing encouraged customers to treat themselves in celebration of being single – but the day targets those who are in relationships, too.
Although Alibaba – the Chinese equivalent of Amazon – was the first to link Singles’ Day to consumerism, other companies also jumped on the bandwagon, with JD.com Inc, Vipshop Holdings Ltd and Amazon.com Inc also offering promotions.
In 2019, 140,000 brands took part in the shopping festival – more than 40 per cent more participants than the previous year.
Retailers care about Singles’ Day because “if you win China, you win the world”.
The 11.11 retail affair has become big business.
Chinese retailers raked in $17.8bn (£14.2bn) in 24 hours in 2016, triple the $5.9bn (£4.5billion) spent on Black Friday, Cyber Monday and Thanksgiving combined in the US.
For retailers, 11.11 is the ideal opportunity to muscle in on the Chinese market.
A number of British brands, including Whittard of Chelsea, Marks & Spencer, Asos and Waitrose, already have marketplaces on Alibaba’s Tmall site.
Are there Singles’ Day sales in the UK?
Not wanting to miss a piece of the action, UK retailers have begun to offer big discounts on their products.
From 8am on Thursday, November 11, 2021, fashion retailer Asos.com is offering 20 per cent off everything on site for a single day.
To receive the discount, just enter BAESOS at checkout.
