Alibaba sets the pace

The creation of ‘Singles day’ has become the most effective marketing creation of the 21st Century. Alibaba invented this annual occasion to celebrate the freedom of the single life and to encourage personal reward. In competition with other commercial creations, ‘Singles Day’ was created as the antithesis to Valentine’s day. The Chinese company hit a record $1bn in sales in just 85 seconds and a little below $10bn within the first hour. In total, sales from ‘Singles day’ were just above $30bn (in 24 hours) and are worth more than Black Friday and Cyber Monday combined.

There are nearly 200 million single adults in China, accounting for 14% of an increasingly wealthy population. The past two years have seen Alibaba expand the event, with downloads of AliExpress catapulting in the US and UK. Despite this astonishing success, the emergence of rivals and the tapering of growth in China, has seen investors grow a little nervy over Alibaba’s valuation. As the frenzy of the event matures, the expectation is its growth rate will slow. Investors clearly saw these records coming but there is no doubting the phenomenon will only gather pace in the years ahead.

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