The first Singles Day was in 2009 and it is a Chinese version of Cyber Monday. It is held on November 11 on an annual basis.
This year it was already the 10th time of this shopping day. Singles Day has become more profitable than Cyber Monday, and as it became known, online shoppers bet their last year record of $24 billion spending on purchases.
On Sunday afternoon a new record was set- $24.2 billion, and this was not the end of the day. According to Adobe Analytics, only $6.6 billion were spent on online purchases during Cyber Monday last year. It was 17% more than the data of 2016.
A 27-year-old resident of Beijing suggested that shortly before Singles Day, online stores highly raise prices in order to lower them on November 11and to give the impression of large discounts. However, despite this, she also made a number of purchases that day.
Alibaba founder Jack Ma made a speech on Sunday and said that Singles Day was not originally created as the day of discounts but a day of gratitude: retailers sell their best goods for the best prices to please customers.
On this day, many people spend extra money on those goods that they do not need, just because of a good low price. They also pay more attention to the price, and not to the quality of the goods.
Singles Day is also not a very environmentally friendly day. Chinese retailers have to use eco packaging, however, as it can be seen, they use plastics that is only marked as eco.