November 11 marks Singles Day in China, the anti-Valentine's Day where bachelors and bachelorettes celebrate single life, which today has evolved into the biggest day for online shopping in the country akin to America's Cyber Monday.
From singles-themed products such as boyfriend body pillows to apparel and wine – online retailers are dishing out hefty discounts to lure the nation's over 240 million online consumers.
This year, online sales from the holiday are forecast to hit around $5 billion, according to China Market Research Group, 20 percent higher than 2012. This compares to $1.5 billion in sales during Cyber Monday - which falls on the first Monday after Thanksgiving Day - last year, which are expected to touch nearly $2.3 billion this year, according to Adobe.
"Singles Day has become a hugely important day for retailers. The discounting today has been the talk of consumers, from millennials to 40-year-olds. Aside from Chinese New Year, this is becoming one of the key days for retails to launch promotions," Shaun Rein, Shanghai-based managing director of China Market Research Group, told CNBC.
"Above and beyond singles, everyone knows that it is a day of great deals. Chinese youth are getting more frustrated because of rising real estate costs so they are shifting to purchases that make themselves happy," he added.