November 11 is a significant day for the retail sectors in both South Korea and China. In South Korea, it is celebrated as Pepero Day, while in China, it marks the large-scale discount event known as Singles' Day (光棍节). Although both events occur on the same date, their consumer behaviors and market sizes differ significantly.
Pepero Day in South Korea is believed to have originated in the mid-1990s when students in the Yeongnam region began exchanging stick-shaped snacks. The tradition of gifting snacks resembling the number '1' merged with marketing efforts from confectionery companies, leading to its establishment as a nationwide holiday.
In China, the origins of Singles' Day trace back to university campuses. A popular theory suggests that it began in 1993 when students at Nanjing University celebrated their single status by referencing four '1's. The event transformed into a massive shopping festival after Alibaba utilized it for online discounts in 2009.
South Korean retailers also benefit from this period. According to GS25, sales on November 11 last year exceeded the annual daily average by over 30%, marking the highest sales of the year. Approximately half of the annual sales of individual Pepero snacks occur in November.
This year, convenience stores are targeting consumers with gift sets that combine Pepero with popular character merchandise. GS25 has introduced products featuring a Pororo keychain and a Crayon Shin-chan film camera alongside Pepero, while CU has launched 28 special Pepero Day items featuring popular characters like Pokémon and Tamagotchi.
In China, Singles' Day has evolved into a month-long discount competition. JD.com began selling products on October 12, while Taobao and Tmall started pre-sales on October 15, followed by official sales on October 20.
The transaction volume is substantial. According to the market research firm Syntu Data, the cumulative transaction amount related to Singles' Day across major e-commerce platforms from October 7 to 31 reached 1.263 trillion yuan (approximately 200 trillion won). This figure represents preliminary data, not the total sales for November 11 or the entire Singles' Day event this year.
However, the growth rate has slowed compared to previous years. The transaction volume during this period increased by only 2.4% compared to last year, a significant drop from the double-digit growth rates recorded in previous years.
Changes in discount strategies are also evident. Major Chinese e-commerce platforms are reducing complex discount conditions that require bundling multiple products and are instead emphasizing direct price reductions and simplified purchasing processes.
In South Korea, retailers are enhancing gift demand by adding character merchandise to snacks, while in China, they are extending discount periods and simplifying purchasing procedures to attract consumers. Despite their different origins, the competition among retailers to capitalize on November 11 as a consumer opportunity is evident in both countries.
* This article has been translated by AI.
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