So what's the deal with China's Singles Day? Originally called “Bachelors Day,” the holiday was invented in the 1990s for Anti-Valentines. Alibaba, the largest e-commerce company in China, took the reins in 2009, creating what is now the "Singles Day" for online retailers (ex: TMall). Since then, the sales have grown at a meteoric pace generating 5,740% from 2009 to 2013.
According to Alibaba, sales had surpassed $9 billion on Nov. 12, with some 43% generated from mobile. This has marked one of the most profitable manufactured holidays in history (greater than Black Friday and Cyber Monday combined). While this can't measure up to the U.S. holiday shopping season in November and December combined ($48 billion in 2013), it is growing at a fast pace.
Alibaba is planning to expand this holiday overseas. Do you think the U.S. retail business will adapt this 11/11 "Single's Day"?