Initiated in the 1990s by Chinese university students, Singles' Day began as a response to societal pressures, providing a day for singles to celebrate their status.
The choice of November 11th (11/11) reflects the solitary nature of the number '1', representing individuals who are single.
In 2009, Alibaba, China's e-commerce giant, transformed Singles' Day into a shopping festival, offering significant discounts and promotions.
By 2022, Singles' Day generated approximately $128 billion in sales, making it the largest online shopping event worldwide.
In 2023, Singles' Day sales were estimated at $156.4 billion, highlighting its massive economic impact.
The event has become a barometer for consumer sentiment in China, with platforms like Alibaba and JD.com reporting significant sales and shopper engagement.