Singles' Day: A boost for the Chinese economy

Almost CNY1trn spent last year

It might be surprising to learn that the world’s biggest annual shopping event is not America’s Black Friday but is in fact China’s ‘Singles' Day’.

Held on 11.11, the date symbolises both those who are single and those who have newly formed a couple. Across the country, people treat themselves and each other to presents, parties and shopping splurges. The unstoppable rise of the Chinese consumer means the celebration has now become the world's largest online shopping day. BlackRock shutters Asia Special Sits fund Last year, China's singles spent over CNY965bn ($133bn) on consumer goods, up CNY5.2bn from 2020. Despite a more challenging economic backdrop, we expect this year's shoppers to be equally exuberant. Over the longe...