Singles’ Day surpasses Black Friday in global sales

BOULDER, Colo. — A shopping holiday few Americans have heard of will move more money than Black Friday and Amazon Prime Day combined. Singles’ Day, which began in the 1990s as a celebration of single life among Chinese college students, has grown into the world’s largest retail event.

“Singles’ Day in Asia is like the overlap in the Venn diagram of Black Friday and Valentine’s Day,” said Peter McGraw, a behavioral economist and professor at the University of Colorado Boulder’s Leeds School of Business. “It feels very Black Friday with huge sales and doorbuster promotions. Yet it also has a celebratory element to it, a proud celebration of singlehood.”

The event, held each year on Nov. 11, was named for its symbolic date, four ones standing together, and has evolved into a $150 billion global shopping phenomenon. Retailers across Asia now launch major promotions, exclusive product releases, and experiences aimed at solo consumers, such as single-seat movie screenings and travel packages for one.

McGraw, who studies how single living is reshaping consumer behavior, said the trend has implications for U.S. companies. “Half of U.S. adults are unmarried and increasingly living alone,” he said. “Singles are buying homes, traveling solo, dining alone and spending billions. Ignoring them is a missed opportunity.”

Singles’ Day shares its date with Veterans Day in the United States, which McGraw said may complicate adoption but not prevent it. “That doesn’t help, but it’s not a deal-breaker. The two are not mutually exclusive,” he said.

Through his Solo Project, a research and media initiative that includes a book, podcast and TED Talk, McGraw outlines four types of singles, from those seeking relationships to those choosing independence. He argues that marketers must recognize the diversity within the single population. “Singles aren’t a monolith,” he said. “By understanding their different goals and lifestyles, American businesses can gain a competitive edge.”

As the holiday gains global recognition, McGraw predicts that U.S. retailers will eventually join in. “It’s only a matter of time,” he said. “Soon enough, the rise of singles will be impossible to ignore. For U.S. companies, suddenly there’s going to be an all-hands-on meeting: Singles’ Day is coming.”