Retailers Create NEW Shopping Holiday Called 10.10
Based on the popular China’s Singles’ Day, more than 24 retailers have signed on for the event.
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September 16, 2020
NEW YORK—Nov. 11—Veteran’s Day in the United States—is the world’s biggest shopping event, but not for reasons Americans would expect. China’s Singles’ Day, also held on 11/11, has become a sales juggernaut, and now U.S. retailers are hoping to create a similar shopping event in the United States, Bloomberg News reports.
This year, more than two dozen retailers, along with the Shopkick reward app, have agreed to promote deals on 10.10 (October 10), according to event mastermind Deborah Weinswig, a retail consultant.
The event aims to generate holiday shopping in October to help retailers manage shipping capacity, available merchandise and crowd control.
“If we don’t pull it forward, then it won’t happen,” said Weinswig. Retailers are already scrambling to purchase merchandise from stores going out of business because of light inventory stockpiles. “There’s just literally so little in the pipeline,” she said.
While the majority of holiday shopping happens in the weeks closest to Christmas, Weinswig hopes 10.10 will help shoppers realize they can’t cut it close when it comes to buying gifts this year. For example, shipping times in December will likely be longer than normal. “There is no capacity,” she said. “We’re seeing people who have never shopped online shop online.”
Already, retailers are looking to shift holiday spending over more weeks. For example, Home Depot has announced it will start Black Friday deals in early November, while American Eagle Outfitters is also trying to entice holiday shopping sooner. Amazon’s Prime Day will likely also be held in October, rather than its usual July date.
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