Who’s Ready For Singles Day 2018?
It’s that time of year again for the epic Chinese online shopping extravaganza known as “Singles Day”. The tradition only started nine years ago when Jack Ma and Alibaba latched on to an obscure tradition of friends and family members giving singles (aka the unmarried) gifts to cheer their spirits. In the decade since Singles Day has grown into the biggest global shopping event of the year – in 24 hours twice as much merchandise is sold on Singles Day as the entire five day period from Thanksgiving through Cyber Monday.
So what’s the forecast for Singles Day this Sunday? Last year the event grew by 39% over 2016’s total to $24.2B, but we’re unlikely to see the same torrid growth rate again. The Chinese economy has recently cooled off a little, and new US-China tariffs could limit the selection of merchandise available at a discount this year. Regardless, with a billion Chinese now having internet access even a few percentage points of growth could equal billions more in sales for Alibaba this year.