Singles Day: How China's biggest shopping event changed global retail game

Chinaʼs Singles Day shopping event has grown from a small university celebration to a mega-sale bigger than Black Friday. This shopping festival shows how chinese retail differs from western markets

November 11 2024 , 11:14 PM  •  3527 views

Singles Day: How China's biggest shopping event changed global retail game

The worlds biggest shopping event isnt Black Friday or Cyber Monday - its Singles Day in China which started as a fun way to celebrate being single back in early 90s

Nanjing University students made up this holiday about 30 years ago‚ and now its grown into a huge shopping festival that runs for almost a month (this year it started mid-october and ended on 11/11)

Last years numbers were mind-blowing; chinese shoppers spent over 1.14 trillion yuan which is like four times more than what americans spend during Black Friday and Cyber Monday combined. But the growth is slowing down - last year showed just 2% increase which was the smallest ever

The main players in this game are AlibabaJD.com and PDD Holdings who fight for customers with crazy-low prices. Hereʼs what people usually buy:

  • Basic stuff like tissues and noodles
  • Pet supplies and household items
  • Home appliances (which got extra-popular due to government trade-in program)
  • Tech gadgets with big discounts

Big western brands like NikeEstee Lauder‚ and Apple join the party too - they offer china-specific deals that you wont find anywhere else. For example this year iPhone buyers got special discounts and free AppleCare+ services

The length - the duration of 11.11 has been extended. Itʼs going to be the longest 11.11 ever

LʼOreal CEO Nicolas Hieronimus during october earnings call

But things arent as hot as they used to be: only about half of chinese customers say theyre excited about Singles Day now compared to 76% just three years ago. Most people plan to spend same or less money this time around