On Nov. 11 each year, a curious holiday takes over China. What began among Nanjing University students in the 1990s as a tongue-in-cheek counter to Valentine’s Day has exploded into the world’s largest shopping event: Singles’ Day.
The date, 11/11, was chosen because the four ones resemble “bare sticks,” Chinese slang for singles. Today, the holiday generates more than US$150 billion in annual sales, exceeding those on Black Friday and Amazon Prime Day combined.
As a bachelor, behavioral economist and business school professor, I study how single living is transforming consumer behavior and market dynamics. My work has convinced me that Singles’ Day, or something like it, could resonate far beyond Asia. Here’s why.
