China just celebrated its biggest shopping day of the year; but only people with a certain status were spending.
In China, November 11th or 11/11 is known as “Singles Day.” Starting in the early 90s by college students, it is a day that offers big discounts to unattached young people. The students that created it say it is meant to be a Valentine’s Day for people without a partner.
So on the day; symbolized by the four single digits, people buy themselves the items they have been coveting. And in some cases they buy gifts for the object of their affection or get a great deal on a date in an attempt to end their single status.
And as the idea took off companies saw an opportunity to score. Over the 24 hour period of this year’s Singles Day, companies took in about $3 billion in revenue.
This tops the $1.2 billion U.S. retailers took in during last year’s Thanksgiving weekend, making Singles Day the most profitable online shopping day in the world.
Nothing spends money faster than emotions.