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11/11: Tapping the singles economy

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11/11/2017 | 12:27 pm

Retailers around Taiwan and online alike are prepping for an even stronger year of Double 11 Day sales, states CNA.

Retailers are aggressively marketing promotions to singles in celebration of Singles Day tomorrow. Th relationship status of consumers will be targeted via the products being sold, with markdowns applied to products meant for one person, such as personal electronics, body pillows, pod coffee machines, personal ovens, and essentially all things single-serving. However, not unlike Black Friday or Cyber Monday sales, the majority of products will actually go on sale.

Alibaba began to push Double 11 as a consumer holiday in 2009 and even trademarked the term in 2012. Already this year, Alibaba's market value has already risen above that of Amazon and the upcoming holiday is expected to further boost those numbers. In 2016 Alibaba netted $5 billion in the first hour of sales alone. Double 11 is a big deal for business.

On the other hand, the eleventh of November is commemorated in other parts of the world as Armistice Day, to remember the signing of the treaty which ended World War I, as Remembrance Day, to memorialize fallen World War I soldiers in Commonwealth Nations, or as Veterans Day, the American version of respecting Armistice Day. These new celebrations of spending and relationship status make for an interestingly diverse day of celebration.

One could also celebrate Singles Day by turning it into the new social event of the season, which Alibaba's Tmall 11:11 Global Shopping Festival Gala is doing this year with an event featuring musician Pharell Williams. Double 11 will also see the debut of Alibaba CEO Jack Ma's movie, The Art of Attack and Defense, starring Jet Li, on Youku.

© Pakistan Press International, source Asianet-Pakistan

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