If you’ve been reading the headlines lately, you’ve probably heard a lot about Chinese e-commerce giant Alibaba’s record-breaking “Singles’ Day” promotion, which earned the company over $100 billion in the space of 11 days.
But what exactly is Singles’ Day?
Here’s your primer:
Origins of Singles’ Day
Singles’ Day didn’t start with Alibaba. It’s actually a holiday across China.
It began in 1993 at Nanjing University as a celebration of singles (hence the original name “Bachelors’ Day.”) The date was chosen because of the four consecutive numeral ones in the date, November 11, 11/11.
The observance of Singles’ Day spread from campus to campus until it began to become more widespread in everyday culture.
The advent and spread of social media only made this more possible, and though it is not an official holiday in China, it is now a widely celebrated common holiday, similar to Halloween in the United States.
Alibaba Hits the Scene
Singles’ Day’s popularity truly skyrocketed when Alibaba began to take the scene.
China’s top rival to Amazon, Alibaba recognized the marketing potential of an increasingly popular unofficial holiday, and announced 24 hours of heavily discounted merchandise to mark the occasion on November 11, 2009. Though Singles’ Day is very reminiscent of Amazon’s “Prime Day,” Singles’ Day actually it the scene six years earlier.
Since then, the popularity of Alibaba’s event has skyrocketed. Now, Singles’ Day is the Chinese equivalent of Black Friday or Cyber Monday. In fact, it’s a combination of both.
this week, Alibaba announced that their total “Singles’ Day” sales topped $100 billion, as for the first time, the company extended the promotion over multiple days (in this case, 11, appropriately mirroring 11/11). On the final day alone, they moved $38 billion in merchandise.
It’s a miraculous record, and yet, shares of Alibaba fell sharply on Wednesday. Here’s Rob himself to tell you why:
Special Message from Rob
So Alibaba made over $100 billion in 11 days, and their shares fell sharply. Why?
Well, I’ve been warning everyone I can reach that China’s economy is about to collapse, and this is the first step in the process.
China has created a series of stringent anti-monopoly laws, and Alibaba is on the list of companies that Morgan Stanley says will be the hardest hit.
These laws are just a drop in the bucket of the factors I think are about to waylay China’s economy.
I explain everything I’m seeing in this brand new video. Take a moment to watch it. This will change the world.