Once again, China's Singles' Day - also referred to as Double 11 because of the four single "people" represented by the four "1111" on Nov 11 - has proved a huge commercial success.

For example, Alibaba Group Holding Ltd, the world's largest e-commerce platform, has reported sales of almost 35 billion yuan ($5.7 billion) over the 24-hour period for Nov 11. This figure easily surpassed last year's equivalent of $3 billion.

This year, increases in the efficiency of payment systems like Alipay, Tenpay, and the boom of the WeChat Payment system, as well as the increased number of players in the online marketplace with the establishment of Alibaba competitors such as JD.com, Suning Appliance Co Ltd and Amazon.com Inc, has without doubt boosted the commercial success yet further.

But is efficiency of payment and the emergence of new entrants really the main reason behind such an ever increasing e-commerce frenzy? No, the success of Singles' Day is the result of a disproportionate surge in China's economic development in the early 1990s and with this the formation of an even more modern Chinese consumer group that grew up in this relatively new urban consumer environment, the jiulinghou, or those born after 1990.

China's younger generations - those born after 1980 and especially those born after 1990 - are clearly, and for obvious reasons, different in their consumption habits. They value consumption as a hedonistic experience, are far more likely to indulge in impulse buying and are extremely technologically savvy. However, in comparison those born after 1990, they are even more different and "modern" than those born during the previous decade.

Nov 11 is now promoted as a day of "indulgence" and even "romantic gift giving", which fits very comfortably with the younger generations of Chinese consumers, many of whom are growing in economic prosperity too.

Far less risk-averse than older generations of Chinese consumers, this new, younger breed are, therefore, not that put off by the recent slowdown in China's economy. Carefree rather than conservative, and hungry for variety and change, they most definitely are and will be the driving force behind any change in economic direction toward domestic consumption and away from the reliance on low-cost production and export markets.

It is, therefore, no surprise at all to see this year's figures surge past last year's, despite slower economic growth across China.

Massive changes have taken place across China's economy since 1980 but not until quite recently have we also started to witness changes in Chinese consumer psychology of a similar magnitude. The relationship between economic development and consumer psychology appears most definitely to be nonlinear.

History tells us that as economies grow and consumers gradually become more affluent, an emotional rather than a rational or utilitarian consumption behavior also emerges. However, China's rapid emergence sheds more light on the relationship between economic output and consumption, and initiatives such as Double 11 contribute to our understanding too.

If we track key economic indicators such as GDP and inward foreign direct investment for China since 1980, we see a quantum leap since the early 1990s and, in consequence, an equally disproportionate change in consumer culture. It is, therefore, this sudden spurt in China's economic fortunes from the early 1990s that is behind the success of China's Singles' Day, because it is consumption dominated largely by Chinese consumers who grew up in this new urban consumption environment.

In short, Chinese people born before 1980 believe in traditional values and, above all, hard work. Those born during the 1980s believe in private ownership and personal possession of material objects, while those born after 1990 just want to party.

The author is a visiting professor at the University of International Business and Economics in Beijing and a researcher at Nottingham University's School of Contemporary Chinese Studies.