Singles day (Guanggun Jie) is a day for people who are single and are the biggest online shopping day in the world, celebrated today on November 11 (11/11). The day is chosen for the connection between singles and the number 1.
This day is very popular among young Chinese people, while singles organize parties and karaoke to meet new friends or try their fortunes. For breakfast on Singles day, singles often eat Youtiao which is deep-fried dough sticks. The day is also called Anti-Valentine`s day.
China`s Singles day has surpassed the U.S`s Black Friday by $9 billion in sales in just 24 hours. It makes the day the most profitable manufactured holiday in history. Alibaba is the biggest online company in China, and will profit from this day. Alibaba reported that they surpassed $2 billion after just 60 minutes today.
Jack Ma said in an interview that Alibaba will deliver about 260 million packages over the next three days, compared to 17 billion a day. Alibaba`s sales on Singles day have grown by 5,740% the last four years.
In 2011, Alibaba reached only $820 million, and in 2012, they did $3,04 billion. A great jump from 2011 to 2012, but in 2013 they reached $5,75 billion. Pretty impressive that too, but today they expect about $8,65 billion, according to industry tracker IDC.
IPO price for Alibaba was $68 per share and the stock is up 70% since their IPO day. Shoppers on the social media platform Weibo (China`s Twitter) complained the online deals were too good, tempting them to spend money they didn`t have.
The Singles day is expected to grow at an annual rate of 25% next year from $390 billion this year to £$719 billion in 2017. Singles day is by many retailers earmarked as an event like Christmas and Chinese New Year`s day.
Alibaba`s CEO expect the Single`s day to become a global holiday within five years.
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Ket Garden
Shiny bull 