Singles Day success offers lessons for US businesses

The unprecedented success of China’s Singles Day, the world’s largest retail festival, has sparked a call for US businesses to explore the untapped potential of the solo economy. Originally conceived as a playful counter to Valentine’s Day, Singles Day, celebrated on November 11, has evolved into a global shopping extravaganza, generating $202 billion in sales last year. This year, Chinese e-commerce giants like Alibaba and JD.com extended the event from October 9 to November 11, leveraging AI to enhance efficiency, personalize recommendations, and provide real-time assistance. Remarkable sales figures included Apple’s Tmall store selling more iPhones in the first two hours than it did in an entire day the previous year, and JD.com reporting a 300 percent surge in apparel imports within five days. Peter McGraw, a marketing and psychology professor at the University of Colorado Boulder, emphasizes the rising singles population in the US, which constitutes nearly half of the adult population, and the emerging ‘solo economy.’ He argues that the US could benefit from a similar event, though cultural and timing challenges, such as Veterans Day on November 11, pose significant obstacles. McGraw suggests that a US version might require a new date, like November 1, and an ’emotional hook’ to resonate with consumers. He also highlights the broader lesson for US companies: singles represent a fast-growing and diverse consumer segment with significant commercial opportunities. Frank Calvino, an editor at Cross-Border Magazine, views Double 11 as a reflection of China’s consumer culture and a strategic opportunity for global brands. Despite the growing presence of international brands on Chinese e-commerce platforms, US consumer awareness of Singles Day remains low, with less than 20 percent of US consumers aware of the event, according to a recent survey.