It is known to be the largest online trading event in China and takes place on November 11th every year.
But this year's Singles' Day sales already began in mid-October as part of Chinese retailers' efforts to boost spending in a sluggish market.
China is beset by problems such as rising youth unemployment, a lingering real estate crisis, massive public debt and an ongoing trade war with the US, all of which are forcing the country's consumers to cut back on spending.
The Chinese government is spending billions through family subsidies, wage increases and discounts on consumer goods to try to counter this, but retail sales growth continues to fall short of expectations.
Originally created by Alibaba as a Chinese shopping festival, Singles' Day is similar to Amazon Prime Day or Black Friday promotions elsewhere in the world.
A major source of revenue in the final quarter of the year, the event is marked by deep discounts online and in stores, with most retailers in the country competing for sales.
Over the years, the sales window has grown from a single day into one of the biggest shopping events of the year, often kicking off with extravagant opening events featuring pop stars like Jessie J.
But this year, retailers began their advertising campaigns in October, coinciding with the end of China's Golden Week.
Platforms such as Taobao, JD.com and Douyin are actively promoting “11.11” sales by posting banners with discounts and vouchers on their apps.
Alibaba, which operates e-commerce platforms Taobao, Tmall and AliExpress, said in his newshub that this year the “11.11 Global Shopping Festival” will start on October 15th.
The firm also uses artificial intelligence in its search and recommendation tools to make it easier for shoppers to navigate its extensive sites and suggest suitable products.
Chinese consumers have become more cautious in spending since the Covid-19 pandemic, a trend that continues as the country continues to battle deflation.
Cost cutting has hit high-end retailers particularly hard. Fashion brands such as Louis Vuitton and Burberry have reported falling sales in recent months in China, which accounts for about a third of global luxury goods sales.
However, investors appeared optimistic about the Chinese market's recovery as shares of luxury brands such as LVMH and Moncler rose this week, helped by signs of improving demand in the region.
