"Singles Day" may sound lonely, but those attending November 11 may find some companionship in what amounts to the world's largest annual shopping trip.
When it comes to money spent, China's one-day consumer festival is likely to eclipse Thanksgiving, Black Friday and Cyber Monday – combined, according to Adobe Analytics. The data tracking service estimates that this year's long US holiday shopping weekend will bring a total retail sales of $ 29 billion – that will be less than $ 30 billion produced in 201
Alibaba, China's version of Amazon, highlighted the goods in a marketing campaign that had other e-commerce companies soon doing the same. A decade later, the event now gives Amazon Prime Day a run for the money.
This year, more than 200,000 brands are participating, says Alibaba. The company hypothesizes the event with a "Countdown Gala" featuring a performance by pop singer Taylor Swift.
US companies are also trading. Nearly a quarter of U.S. retailers plan to promote Singles Day campaigns, according to Adobe, which surveyed more than 400 U.S. retailers with annual sales of over $ 500,000.
That said, US-China trade tensions could lead to US brands participating this year, concludes another study by global consulting firm AlixPartners.
Chinese consumers want to spend 54% more this year than in 2018, but 78% said they would think twice about buying US products because of loyalty to their country, AlixPartners found in a recent survey of more than 2000 Chinese consumers.