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Will China's SIngle Day Oust Black Friday and Cyber Monday in the US?

To answer that question, one needs to understand that "Singles Day" is a retail holiday based in China where those that are single spend November 11th  online shopping as a form of retail therapy.  In fact this date was chosen as numerically it is stated with  single lines (11/11).  Though Black Friday has existed for decades, and Singles Day started only years ago, last year the Chinese spent $3.1billion in a 24 hour period for Singles Day, while Americans spent $1.5billion on Black Friday.   This years those numbers are expected to increase to $5billion and $2.3 billion, respectively.  Already preliminary figures from Alibaba Group are reporting that sales topped $5.75billion  Not surprising figures considering that 2% of the Chinese population accounts for 1/3 of the world's luxury consumption.  

How long can China continue this level of lavish spending given a slowing of the Chinese economy? Should luxury providers such as LVMH and Gucci alter their marketing strategies? And if so, where should their efforts be redirected?