I’m sorry, but it seems that the article you provided is empty or not visible. Please provide the content you would like me to work on.I’m sorry, but it seems that the article you intended to provide is missing. Please provide the text you would like me to work on, and I’ll be happy to assist you.I’m sorry, but there is no content provided in your request to edit. Please provide the article you would like me to work on.I’m sorry, but it seems that the article you intended to provide is missing. Please provide the text you would like me to work on, and I’ll be happy to assist you.Black Friday? No. Cyber Monday? No. Prime Day? Definitely not. The biggest shopping event in the world takes place every year in China – and it’s called Singles Day.
Originally a holiday to celebrate being single as a counterpart to Valentine’s Day, the event has evolved into a week-long online shopping festival which this year began on October 14 and culminates on November 11 – making is the longest Singles Day sales period ever. was.
WHEN DID SINGLE DAY IDEA?
The idea for Singles Day came about in 1993 at Nanjing University in China and was originally called “Bachelor’s Day”. On this day, singles give gifts and presents to each other and host social gatherings and parties.
HOW MUCH DO CONSUMERS SPEND?
Last year, the total value of goods sold during the shopping bonanza – also known as the “Double 11” – was 1.14 trillion yuan ($156.4 billion), according to data provider Syntun.
That’s more than four times the $38 billion US shoppers spent last year during Cyber Week, the period between Black Friday and Cyber Monday, according to data from Adobe Analytics.
But growth has slowed even as Singles Day sales hit record highs. Last year’s 2% rise was the slowest ever.
The event has lost some of its originality in recent years as other shopping festivals in China are on the rise, including the “618” mid-year sale, which is the second largest in the country and has total sales have declined for the first time this year has been recorded.
WHICH BIG BRANDS AND PRODUCTS DO CUSTOMERS BUY?
Although Alibaba launched the “Double 11” campaign in 2009 to attract online shoppers with discounts and special offers, every major Chinese e-commerce platform now participates.
JD.com has been around since 2012, and Pinduoduo, a PDD Holdings company, has also become popular, offering cheap products in competition with Alibaba’s Tmall and Taobao platforms.
Last year, shoppers spent more money on everyday essentials such as tissues, hand wash, instant noodles and pet food, while shopping less in categories such as home appliances and furniture.
This year, home appliances are likely to perform better than last year as they benefit from a 150 billion yuan national subsidy program announced in July to boost consumption.
According to a Bain survey conducted before Singles Day kicked off in late October, 49% of Chinese shoppers said they were looking forward to the event, down from 53% in 2023 and 76% in 2021.
Around three-quarters of respondents said they would spend the same or less on a Singles Day promotion in 2024.
HOW DOES SINGLES DAY COMPARE TO BLACK FRIDAY?
According to Adobe, US shoppers bought smartwatches, toys and video games during the peak shopping periods of Black Friday and Cyber Monday last year.
From 2014 to 2021, Singles Day saw an average growth rate of 34% per year, while Cyber Week saw an average growth of just 17%, according to data from consulting firm Bain and Adobe Analytics.
WHICH OTHER COMPANIES ARE EXPECTED TO BENEFIT?
Many American companies, from clothing maker Nike to cosmetics firm Estee Lauder to consumer goods giant Procter & Gamble, have a strong presence on Chinese e-commerce platforms such as Tmall and JD.com.
Aggressive discounting has been a hallmark of China’s shopping festivals, especially since the end of strict COVID-19 restrictions in late 2022, when low prices were expected to prompt a return of consumers that never materialized.
This year, platforms offered low prices for Apple iPhone 16 models, and Tmall offered the phone up to 1,600 yuan cheaper with subsidies. The discounts at JD.com were similar and also included a free year of AppleCare+.
L’Oreal CEO Nicolas Hieronimus said in a conference call with analysts in October that it was too early to comment on “Double 11.”
“The duration - the duration of 11.11 has been extended. It will be the longest 11.11 ever, it has been extended to 10 days,” said Hieronimus. “We are determined to have our brands in the top rankings for this event.”
G Black Friday, which has traditionally been an established shopping event in the United States. In contrast, Singles Day, or “Double 11,” initiated by Alibaba, has evolved into a major retail holiday in China, outpacing Black Friday in terms of total sales. While Black Friday emphasizes in-store shopping and discounts, Singles Day has capitalized on the rapid growth of online shopping and significant discounting from numerous e-commerce platforms.
The stark differences in consumer behavior during these events illustrate the varying shopping cultures. For example, Black Friday has remained centered around large-ticket items and electronics, whereas Singles Day trends show an increasing consumption of everyday essentials alongside a shift in spending habits.
While sales during Singles Day reached extraordinary heights, the slowdown in growth and the increasing competition from emerging sales events like the 618 Festival indicate a potential maturing of the market. This trend suggests that Chinese consumers are becoming more selective about their spending, opting for essential goods rather than luxury items or high-end electronics.
As the retail landscape continues to adapt, brands must also evolve their marketing strategies and product offerings to meet the changing preferences of consumers. These insights reflect a broader trend of consumers being more budget-conscious, impacting the strategies employed by retailers during key shopping holidays across the globe.