"Singles Day" may sound lonely, but those who have participated as early as 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 festival of consumption 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 2018 by the 24-hour unofficial Chinese shopping holiday known as Singles Day. [1[ads1]9659003] Officials announced on Monday that the shopping blitz has already hit at least $ 23 billion in the first nine hours – that's up 25% from 2018. Reuters news agency points out that a $ 1 billion sale sold in 1 minute and 8 seconds.  What turned into an astonishing revenue-generating business started among Chinese college students who held a party to celebrate being single in 1993, only to be co-opted by China-based retail giant Alibaba 16 years later.
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.