This Saturday is Singles Day, which Alibaba, the Chinese ecommerce giant, has made into the world’s biggest fashion and gift-buying extravaganza. It is the climax of a “shopping and entertainment festival” that easily exceeds the sales of Black Friday and Cyber Monday in the US.
Chinese shoppers spent $18bn online on November 11 last year, 82 per cent using mobile devices. This year, 140,000 brands, including 60,000 international names, are offering 15m items for sale. Singles Day is an expression of the power of Chinese ecommerce.
The numbers, although huge, understate the significance of the phenomenon. China is experiencing a consumer revolution, comparable to the one that happened in Europe in the 18th century, culminating in the 19th-century invention of the department store. Alibaba and competitors such as JD.com