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Why do e-commerce sites have promotions on Single's Day in China?

Singles Day, an unofficial holiday in China, first celebrated in Chinese universities to commemorate the single life. It is usually celebrated on November 11th every year. Because each 1 in 1111 just looks like a single person. In China, this day is special for those who are still singles. But does this day have any relationship with e-commerce site promotion? Why do e-commerce sites have big discount for their products in this day? Is this just an excuse for them to attract customers?

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