Every year we see images of shoppers trampling over each other (and the staff) to scoop up the best highstreet deals on Black Friday. We also hear of the millions spent on Cyber Monday as online stores offer massive discounts to consumers.
However, it might surprise you to know that there is another financial date which far outweighs Black Friday and Cyber Monday in terms of money spent.
Singles Day in China started out as a tongue-in-cheek reaction to Valentine’s Day in which single people would indulge in a spot of retail therapy to chase away their loveless blues.
As the Chinese consumer market started booming in the 1990s and 2000s entrepreneurs seized on this tradition by offering massive one-day discounts similar to days like Black Friday and Cyber Monday in Europe and North America.
We’ve looked into how Singles Day compares to its Western counterparts in the New Consumer Revolution, and try to answer questions such as: What can the massive amount of money spent in China tell us about the country’s current economic state? And as consumers become more and more international with their purchasing power, what does this mean for retailers competing with the Chinese market?