I think this is actually a marketing holiday that was created by Alibaba. From the article:
The idea of Singles Day was first dreamed up by the recently floated e-commerce giant Alibaba Group Holding Ltd five years ago to encourage people without partners to comfort themselves with some retail therapy.
Record 'Singles Day' online sales expected
The company's two major online marketplaces, Tmall and Taobao, are expected to remain the most popular shopping sites again this year, according to 70 percent of those surveyed by Nielson, who this year are on average expecting to spend 1,440 yuan ($235). Just over half of those polled (57 percent) said they planned to spend more than last year.
