Pedestrians walk near an advertisement promoting the Beijing Sales Festival. (Photo credit: AP)

As the Western world prepares for Black Friday And Cyber ​​MondayChina has already celebrated its biggest shopping holiday: Singles’ Day. Often overshadowing other global business events, Singles Day has gone from a niche celebration to a retail phenomenonsurpassing Prime Day and Black Friday.
Initially a light-hearted celebration to honor singleness, it has become a huge online shopping festival. This year, the event began on October 14 and ended on November 11, marking the longest Singles Day sales period ever.
The concept of Singles’ Day dates back to 1993, when it was first celebrated at China’s Nanjing University, initially dubbed “Bachelor’s Day.”
On this day, single people gave each other gifts, often accompanied by social gatherings. What started as a modest celebration has grown into a retail juggernaut, attracting millions of bargain-hungry shoppers.
The popularity of the event soared after Alibabathe Chinese e-commerce giant, adopted it in 2009, making November 11, or “11.11,” a day synonymous with discounts and good deals. Over the years, other major platforms like JD.com and Pinduoduo have joined the movement, turning Singles’ Day into a nationwide shopping spree.
Last year, Singles’ Day saw Chinese consumers spend a staggering 1.14 trillion yuan ($156.4 billion), according to Syntun data reported by Reuters news agency. This figure dwarfs the $38 billion spent during US Cyber ​​Week, which includes Black Friday and Cyber ​​Monday.
However, despite these impressive numbers, growth is slowing. Last year, sales increased just 2 percent, the slowest in its history, reflecting changing consumer behaviors and market saturation.
Analysts suggest this year’s sales could reach around 1.2 trillion yuan ($167 billion), reflecting a potential rise of 15 percent. However, experts remain cautious, noting that this increase could come with caveats, as many buyers buy in bulk to reach discount thresholds, often leading to returns, which can erode profits.
In recent years, Singles’ Day has undergone a change consumer spending habits. While previous years saw splurges on luxury goods and big-ticket items, last year saw a trend toward essentials like tissues, hand wash and pet food, as buyers have become thrifty.
This change could be attributed to economic uncertainty and the lingering effects of China’s strict measures against Covid-19. For 2024, home appliances have gained ground, thanks in part to a 150 billion yuan recovery subsidy program introduced by the Chinese government to boost consumption.
The Singles’ Day landscape is also evolving, with competition intensifying among e-commerce giants. Although Alibaba remains a key player, JD.com and other platforms have been gaining ground.
The Singles’ Day frenzy comes at a crucial time for China, which is struggling with sluggish domestic consumption despite Beijing’s recent measures to boost spending.
The government has implemented aggressive policies, including policy rate cuts and easing local government debt limits, in hopes of sparking a consumption-led recovery. However, experts say a full return to pre-pandemic growth levels may require more substantial fiscal intervention.
As the longest Singles Day ever draws to a close, all eyes are on the final sales figures, which Alibaba and JD.com have chosen not to disclose for the second year in a row.
Despite the challenges, Singles’ Day continues to be a bellwether for the health of China’s retail industry, reflecting the delicate balance between discount sales and the pursuit of sustainable profit margins.