FOR much of the world November 11th is a sombre day, marking the armistice that ended the first world war. Not in China, where the date—chosen because it contains four ones—is dubbed “Singles’ Day”. Observance once consisted of unmarried people getting together to revel in—or lament—their single status. But in recent years it has evolved into a frenzy of consumerism.
Much of the buying takes place online. On November 11th last year, Alibaba, an e-commerce company, sold 57.1 billion yuan ($9.3 billion)-worth of goods; the first 10 billion yuan-worth was sold in just 38 minutes. This far eclipsed the $1.5 billion spent online by Americans on “Black Friday”, the day after Thanksgiving, which in the United States has become the biggest spending day of the year online, thanks to steep discounts. Surveys suggest Chinese consumers will set new records this year on Singles’ Day (also called “Bare Branches Day”, after a slang term for single men).
Chinese leaders may be keener than they once were for people to marry and have children, but they are even more eager to encourage consumer spending. They hope this will wean the country off an overreliance on state-led investment. Singles will play a growing role in this (although just as Christmas is celebrated by many non-Christians, so Singles’ Day has become an excuse for everyone to spend)....Continue reading
Source: China http://ift.tt/1PcPT6k
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