The meaning of Nov.11 for Chinese people is like that of Black Friday for American.
This festival was first began from a sales promotion from TaoBao, which is Chinese eBay. TaoBao is most famous online store for selling everything. I remembered on my undergraduate stage, young people began to celebrate Nov.11. The reason why young people celebrated Nov.11 is it was written like 4 sticks. Stick in China means single person. So every Nov.11, young people are doing some shopping to celebrate single day.
Marketers grasped this opportunity to make sales promotion. Sals companies gave customers discount to attract customers to buy more products than common days they would buy. What business man focused was quantity of products. People could buy a lot of this kinds of product for consuming. So this sales promotion method is not suit for selling luxury products.（Taking from http://content.businessvalue.com.cn/post/15650.html)