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Singles’ Day is upon us. Never heard of it? Nov. 11, chosen because the date represents four ones standing together, is a shopping extravaganza in Asia featuring weeks of massive discounts, promotions and flash deals that span from tech to fashion.

“Singles’ Day in Asia is like the overlap in the Venn diagram of Black Friday and Valentine's Day,” said Peter McGraw, a behavioral economist and professor at Leeds School of Business. “It feels very Black Friday with huge sales and doorbusters promotions. Yet it also has a celebratory element to it; a proud celebration of singlehood.”

Originating in 1993 as an informal celebration of single living at a Chinese university, Singles’ Day has evolved into one of the world’s largest online shopping events, with two of China’s largest e-commerce companies generating estimated sales of $156 billion in 2023 (by comparison, Black Friday and Cyber Monday online shoppers spent $22 billion in 2023.)

“Singles’ Day (in Asia) is beyond anything that we can imagine in the United States,” McGraw said, adding that it’s a powerful demonstration of the buying power of singles.

So why aren’t more U.S. retailers on board?

“My prediction is it's going to go from almost nothing to everywhere,” McGraw said. “Probably not this year or next year. But soon enough, the rise of singles will be impossible to ignore. For U.S. companies, suddenly there's going to be an all-hands-on meeting: Singles’ Day is coming. What are we doing about it? ”

Overlooked business opportunities

Despite the fact that 50% of U.S. adults today are single, 28% live alone and 25% of millennials are projected to never marry, this demographic shift is largely overlooked by U.S. retailers, McGraw said.

“You're seeing a rise in singles throughout the world, and Asian companies are all in on it—and not just as a holiday promotion,” he said. “There's a lot of innovation in product design and services, from right-sized packaging on groceries to single-seat cinema aisles and one-person karaoke booths. It’s shocking to me that American companies are asleep at the wheel with regard to this phenomenon.”

There are several possible reasons, according to McGraw. The upper echelons of American businesses are largely made up of men with traditional family structures, so they are not seeing this emerging trend. “U.S. companies haven’t noticed the competitive advantage yet,” he said.

Singles’ Day also falls on Veterans Day, observed annually on Nov. 11 in the U.S. “That doesn’t help, but it’s not a deal-breaker. The two are not mutually exclusive,” McGraw said.

“If you're a business and you want to connect with this emerging demographic, it’s easy to start by building it into your media strategy,” he said. “You don't have to do a major pivot. Start by messaging this overlooked demographic.”

For McGraw, the untapped potential of the solo consumer market is not just a missed opportunity. It represents a chance to truly acknowledge and celebrate the individuality of singles.

"Singles rarely see themselves thriving in the media—they’re cast in sad songs or as characters missing something. An encouraging social media post or discount code acknowledges them and goes a long way, giving companies a low-cost way to build goodwill with a huge, often overlooked demographic."