11.11 has taken a new meaning since it was started in China by Alibaba a few years ago. It's Singles Day! A day where everyone should buy bargain sales online. Somewhat akin to the Great Singapore Sale (which last one whole month in June) but it's just one day.
The same tradition in the US is the Cyber Monday for buying tech stuff and the infamous Black Friday. Here's a chart comparing Singles Day and Black Friday.
In the second year that it was launched, Singles Day sales exceeded both Cyber Monday and Black Friday combined. The sales online has been making new highs every year ever since. In 2016 it was c.USD 18bn and this year it was a crazy USD 25bn! That's more than twice the annual sales of Singtel, Singapore's largest company. It is also larger than the GDP of Iceland.
It remains to be seen if this craziness could continue If Singles Day grows at the average of 30% YoY for the next five years, it would be bigger than the GDP of Ukraine. One day sales matching the GDP of a country of 45m people.
Meanwhile, a very belated Happy Singles Day.