Retailers & Single’s Day Latest Facts & Figures

Retailers & Single’s Day Latest Facts & Figures

Single’s Day commenced as an “anti-Valentine’s” [1] celebration for single Chinese. People. Dating back to 1993 when students at China’s Nanjing University started to throw parties and buy themselves gifts to celebrate their single status.

Singles Day takes place on the 11th November each year. The date was deliberately selected for the metaphor of the alone digits 11/11.

How Does Singles Day Compare to Other Retail Calendar Events?

Single’s day is the world’s biggest online shopping day1. Completely overpowering any other 24-hour online retail event.

In 2018 consumers spent more than £30bn from Alibaba in 24 hours compared to $6.2 Billion in online US sales on Black Friday[1].

How has Single’s Day Evolved Globally for retailers?

Over time Single’s Day has evolved and became a permanent fixture in the China retail calendar when venues offered discounts to single people on this date.

Alibaba, identified a profitable opportunity in 2009 and promoted “Double 11” deals and in 2012 registered the name as a trademark. Due to the colossal Chinese market Single’s Day has quickly evolved into what it is now, the biggest 24-hour shopping event in the retail calendar [1]

This year in China, Single’s Day sales reached a record high on Alibaba’s e-commerce platform, sales amounted to $38.4 billion in 24 hours [2]. Whilst the US has yet to embrace Single’s day [4], Europe is steadily showing signs of adopting.

Despite the day falling on Remembrance Day, Britain tops the European spending league with an estimated £1.29 billion spent this year [4] with Germany following in second place.

Which Brands Have Embraced Single’s Day?

An estimated 180,000 brands [5] have contributed to the mouth-watering Single Day sales figure. With an increasing number of international brands contributing, approximately 30% of purchases derive from international brands and retailers [5].

The Future

Much has been written about the importance of experiential retail.  China’s approach to Single’s day is a fantastic example of experiential retail, with some identifying Single’s day in China as the future of retail [5]. The day is an extravaganza with a justified label of “Global Shopping Festival” [1] It really is not just about shopping.

“China celebrates Singles Day with a fun and social experience through games and entertainment” [5].

Global data’s headline sums up the opportunity for domestic and international retailers.

“Global retailers must embrace Single’s Day as the world’s premier shopping event” [6]