How China's Singles' Day Became Bigger Than Black Friday

Forget Black Friday. Forget Cyber Monday. China’s Singles' Day is now the world’s biggest online shopping bonanza.

The holiday, an anti-Valentine's Day for single people, traces its origins back to Nanjing University in 1993. Students began celebrating the single life annually on November 11, a date chosen because of the connection between singlehood and the number 1. Upon graduation many continued the tradition and the celebration of Singles' Day is now widespread amongst young Chinese people.

To mark the occasion, Chinese singles party with other single friends. The festivities can include a special breakfast, karaoke and blind date parties hosted in attempt to end singlehood as soon as possible. Singles' Day has also become the largest online shopping day in the world, with sales in e-commerce giant Alibaba's sites Tmall and Taobao clocking in at US$9.3 billion in 2014.

Yes, $9.3 billion. That’s more than the total U.S. online sales on Black Friday and Cyber Monday combined in 2014. And no one got run over in a tragic store stampede.

Singles' Day shopping originated with Alibaba, but today merchants throughout China participate. Shoppers can score major deals on clothing, cosmetics, electronics and even food. Looking at the numbers will make your head spin:

• Alibaba's Singles' Day 2015 selection will include 6 million products from more than 40,000 merchants, and over 30,000 brands from 25 countries
• China’s post office estimates that nearly 800 million packages will be shipped as a result of the hoilday
• A Nielsen survey found that 56 percent of more than 1,000 internet users in China said they would increase spending compared with 2014
• Consumers are expected to spend an average of $277 per person, up 22 percent year on year
• Alibaba estimates that 1.7 million deliverymen, 400,000 delivery vehicles, 5,000 warehouses and 200 airplanes will be necessary to handle the deliveries

If predictions are accurate, 2015 could be the biggest year yet for retailers on Singles' Day. Alibaba sales could hit $10 billion in a 24-hour period.

"It's not a huge surprise that consumers are planning to spend more during this year's 'Double 11,'” Yan Xuan, President of Nielsen Greater China, told CNBC. “Income levels and internet penetration continue to rise throughout China, so this is a natural progression.”

Singles' Day is also expanding worldwide. Five thousand overseas brands from 25 countries – including the U.S, Europe, Japan and South Korea – will be available this year. This year's international participants include Costco, LG Electronics, Walt Disney Co., Fisher-Price and Lego. In recent years, Apple, Calvin Klein, Macy's and Burberry have participated.

Perhaps Singles' Day itself will soon be a global phenomenon.