Today Young Single Chinese People Will Spend Insane Money Online Shopping And Renting Fake Significant Others

China shopping

It’s Chinese Single’s day everyone.
That means two things — first, that young, single Chinese people will love themselves by spending tons of money on online shopping.

And second, that young single Chinese people — mostly girls — will figure out how get through the holiday season with their families by renting significant others to take home for events.

The story around Chinese Single’s Day is that it originated around 20 years ago at Nanjing University. The date, 11.11, is supposed to symbolise “bare branches” — or bachelors.

And that, apparently, is a serious matter — serious enough to warrant the biggest online shopping day of the year.

Alibaba, China’s leading e-commerce site, saw $US500 million spent in the first 20 minutes from their ‘big data’ war room, according to Tech In Asia:

It has just turned November 11 in China, commencing the nation’s craziest day of online shopping discounts and spending. It’s called 11/11. At Alibaba HQ, China’s top e-commerce company is watching its consumers spending in real-time in what I like to call its ‘big data’ war-room. Alibaba’s Tmall, its open marketplace for merchants, saw $US177 million spent in the first six minutes. That leapt to $US266 million (RMB 1.64 billion) after the first 10 minutes, and then to very near $US500 million (RMB $US3.021 billion) at the 20-minute mark [1]. (UPDATE: After the first 50 minutes, $US1 billion has been spent).

Question is — are singles buying themselves presents to celebrate themselves or to make themselves feel better? Young Chinese people, especially women, are under a lot of pressure to find themselves a mate.

That’s why on Single’s Day, presents aside, some singles spend money on making mum and dad happy. To do that, they find a nice, sensible boy with a nice sensible job to rent and take home during the upcoming holiday season.

From Shanghai Daily:

Clean-cut, bespectacled and financially secure Matthew Fan, 27, started to “rent” himself out as a fake boyfriend two years ago. He’s single…

On Chinese Single’s Day today, Fan and other rentable young men note that as the year ends, there’s more need for their services at New Year’s Eve parties with parents and the endless Spring Festival family parties of the Chinese Lunar New Year (beginning on January 30, 2014). Mid-Autumn Festival is another lucrative period of family reunions…

Fan, and advertises online — charges 800 yuan (US$131) per day in China and 1,500 yuan per day in Hong Kong, Taiwan and Macau. There’s a three-day minimum and his employer pays transport, accommodation, dining and other fees.

“I only rent my time, not my body — you know what I mean,” Fan says. He has a girlfriend who doesn’t know about his moonlighting.

Sounds interesting. Happy shopping, guys.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.