Insight & Analysis

What involved relationships, three million people and 4,000 cargo ships last week?

Published: Nov 2020

Singles day is shopping Mecca in China and across much of Asia. Last week, on 11th November, the unofficial Chinese holiday was celebrated with what has become its most recognisable marker – online shopping deals which result in an e-commerce bonanza.

The blue sea with hundreds of shipping containers

Last week Alibaba the Chinese e-commerce giant reported its biggest year of sales to date which many heralded as a sign of economic resilience amidst a year marked by a global pandemic and poor economic performance.

It is thought a large motivator behind this year’s record smashing spending was the inability of many Chinese consumers to spend abroad on luxury brands, resulting in what many have dubbed ‘revenge spending’ online.

Either way this singles day shows the enduring appeal of a credit card as a partner and that being single can be most appealing, particularly for large multinational brands!

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