Fall is the season of golden leaves, pumpkin spice, crisp air and...sales! And the biggest sale of all takes place right here in China. You might be familiar with Black Friday, but do you know about its bigger, better Chinese counterpart?
Singles’ Day is China’s—and the world’s—largest shopping holiday. Called shuang shi yi (“double eleven”) in Chinese, Singles’ Day is right around the corner, on November 11.
Alibaba, the Chinese e-commerce giant behind Taobao and Tmall (and therefore, Baopals), created the unofficial Singles’ Day shopping holiday in 2009. Singles’ Day is on November 11 because there are four 1s, representing being single, in the date 11/11. It is a day to celebrate your individuality, and treating yourself to nice stuff!
According to CNBC, Singles’ Day 2019 GMV stood at 268.4 billion yuan ($38.3 billion) —a 27% increase from the previous year.
Alibaba's Singles' Day also dwarfed the combined sales of Thanksgiving + Black Friday and Cyber Monday, which generated $11.6 billion and $9.4 billion in 2019, respectively.
The stunning growth of Singles’ Day is a testament to China’s massive population and newfound buying power. In 2019, Chinese consumers spent $1 billion on 11.11 within the first 68 seconds. Within the first hour, they’d spent $14.3 billion, according to the Washington Post.
This year, over 250,000 brands and 800 million consumers will participate in 11.11 sales. China's economy has rebounded despite COVID-19, and we're predicting another record breaking year.
There are still 12 days until November 11, but many people have already started filling up their shopping carts and thinking about what they’re going to buy. So what are you waiting for? Add your favorite items to your cart now and get ready to shop till you drop!