Is China's Singles Day going global?

 China's annual shopping frenzy has arrived, and that can only mean one thing: it's 'Singles Day'.

The internet spree, which takes place every year on November 11, was the world's biggest online retail event in 2015, with consumers spending over $14 billion on slashed-price goods -- a 60% increase on the previous year.

The 2016 event is set to be even more profitable, with Teng Bingsheng, Associate Professor of Strategy at the Cheung Kong Graduate School of Business (CKGSB) in Beijing, saying that though he expects "lower growth this year, in the range of a 30-50% increase over last year...it will still be a great achievement."

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This year's celebration will be more fashionable than ever, with an eight-hour catwalk show set to take place in Shanghai, reports the Business of Fashion.

Katy Perry has been scheduled to perform and shoppers will be able to order looks directly off the runway. 

The figures are even more impressive considering that the concept of 'Singles Day' was only founded a few years ago. Chinese retail giant Alibaba's Tmall website started the trend as an anti-Valentine's day gimmick in 2009, encouraging singletons to celebrate their solo status by taking advantage of sale prices on products on November 11, as the date, 11/11, is made up entirely of the lonely number one.

It has since become an entrenched shopping tradition with a spending total that outstrips Black Friday and Cyber Monday combined.

Singles Day has expanded so much that the concept has reached US shores, with a focus on fashion, beauty and lifestyle deals. This year department stores including Nordstrom and Neiman Marcus, as well as brands including Lancome, Michael Kors, Estee Lauder and others, are teaming up with the shopping platform Dealmoon.com to tempt shoppers with deals and discounts.

According to Chinadaily.com, this year will also allow buyers in Hong Kong and Taiwan to shop directly online via Alibaba's Tmall for the first time.