Singles’ Day 2024: A Shift in Celebration and Economic Impact

Singles' Day, celebrated on November 11, has a rich history that dates back to 1993 at Nanjing University in China. Originally intended as a humorous, self-deprecating celebration of bachelorhood, it has evolved significantly over the years. In 2009, Chinese e-commerce giant Alibaba‘s online shopping platform Taobao transformed it into a lavish shopping festival, akin to Black Friday in Western countries.

This year, however, the festival is facing new challenges. Amid China’s sluggish economy and conservative consumer spending, e-commerce firms are looking abroad for growth. Alibaba’s Taobao, in particular, is focusing on cracking the Taiwan market. To attract Taiwanese consumers, Taobao has introduced direct shipping options and a $NT2 billion ($94 million) package to subsidise shipping, handling, and tax costs. This move aims to simplify the shopping experience for buyers in Taiwan, who previously had to rely on third-party shipping services.

The economic context of China’s Singles’ Day is also noteworthy. The country is experiencing its worst economic crisis since its economic liberalisation, with consumer spending remaining low. As a result, Taobao has not published detailed Singles’ Day sales figures since 2022, and last year saw only a 2% growth year-over-year. This economic struggle has prompted Taobao to seek growth in overseas markets like Taiwan.

Despite the economic challenges, Singles’ Day remains a significant cultural event. It is celebrated not just in China but also globally, with many companies leveraging the day for marketing campaigns and offering substantial discounts. The festival has become highly consumerist, with the term “11/11” symbolising the celebration and drawing comparisons to Black Friday.

The celebration is not just about shopping; it also emphasizes self-care and independence. For those celebrating, it is an opportunity to indulge in activities such as cooking new recipes, having a spa day at home, reading a book, or even a movie marathon. The day is dedicated to nurturing one’s soul and finding joy in being single.