Seven out of 10 Kiwis have not heard of world’s biggest sale event
Key insights:
With six weeks to go until Christmas Day, the world’s biggest shopping event, Singles’ Day, is due to kickstart this year’s sale (and spending) season on 11:11 (or 11 November).
As Singles’ Day gains momentum globally, a new PriceSpy commissioned survey* reveals Singles’ Day in New Zealand is flying under the radar – with seven out of 10 Kiwis (70 per cent) saying they have not heard of it.
Liisa Matinvesi-Bassett, New Zealand country manager for PriceSpy, says: “Singles’ Day continues to be the largest of the international sales events that takes place annually across the last quarter of the year.
“Once a stand-alone day (11 November), it is now so big, it has become a shopping extravaganza - taking place over weeks rather than just one day.
“Even though Singles’ Day sales exceeded that of Black Friday, Cyber Monday and Boxing Day combined****, our survey findings revealed not many Kiwis knew of it.”
Source: PriceSpy
What is Singles’ Day?
Singles' Day is a Chinese shopping day that originated as an unofficial holiday for bachelors. It’s also known as the ‘anti-Valentine’s Day’. The date was chosen because it includes all ones (11/11) as a nod to the ‘single’ element.
Awareness for Singles’ Day is on the rise
"With interest surrounding Singles' Day reaching new heights internationally - and sales figures exceeding that of any other event, awareness is set to grow in New Zealand," says Liisa.
And New Zealand retailers recognise the growth potential
“Last year, Singles’ Day reportedly generated $139 billion in sales for Alibaba and JD.com**** - and New Zealand retailers are recognising its growth potential here.
As well as providing an opportunity to sell more stock per season, it gets Kiwis spending even earlier ahead of Christmas and helps improve profit margins, says Liisa.
“Over the next few years, we expect more consumers to shop on Singles’ Day, and more retailers to take part. The month of November will become even more significant in generating a burst of pre-Christmas sales.”
But with retailers and consumers both facing a cost of living battle, how will this year’s sale season actually shape up?
“Following Covid-19 lockdowns, continued supply chain disruptions, inflation and troubled times in Europe, significant price increases have happened across the board, impacting both retailers and consumers, says Liisa.
“With consumers evidently worried by the cost of living crisis, it will be interesting to see how the discounts offered across this sale season stack up.”
According to PriceSpy’s recent survey, consumers are worried about the cost of living crisis:
Source: PriceSpy
“In light of the current economic climate, unlike previous years, shoppers may tighten up their purse strings this sale season, says Liisa.
“On the flip side, shoppers may also hold out for the big sales to buy an item that may otherwise cost more at another time of year.”
And are the Singles’ Day deals worthwhile?
“Ultimately, a key factor that may influence whether consumers spend is the discount at hand. Last year, our historical pricing data showed the discounts offered on Singles’ Day were surprisingly good,” says Liisa.
Liisa concludes: “Even though Singles’ Day is not well-known in New Zealand yet, our pricing research highlights there are some good discounts available.
“For example, across the items that delivered a discount of ten per cent or more, the biggest average discount came from the shopping categories of washing machines (-68 per cent), fitness watches (-31 per cent) and espresso machines (-32 per cent).
“At a time when price is everything, these types of savings may offer some welcome relief to consumers.
“But as our research highlights – not all products are discounted on big sales days. So, if you happen to be planning on making a purchase, whether it be on Single’s Day or in the lead up to Christmas, we strongly encourage consumers to carry out essential price research using a free comparison site or app, like PriceSpy, first.”
Download the PriceSpy app here.
-ends-
Media contact for PriceSpy
For further information about PriceSpy or to set up an interview with a spokesperson (please allow a time difference of -11 hours from NZ time), please contact Lindsay Stanley on + 64 212 884411 or email lindsay@lspr.co.nz.
Notes to editor
PriceSpy’s historical pricing data for Singles’ Day 2021
|
Shopping category |
% of products that increased in price on Single’s Day 2021 |
% of products that dropped in price by 10% or more on Single’s Day 2021 |
Average price change across the products that dropped in price on Singles’ Day by 10% or more |
|
14% |
21% |
24% |
|
|
19% |
17% |
21% |
|
|
8% |
15% |
29% |
|
|
8% |
29% |
20% |
|
|
8% |
15% |
29% |
|
|
18% |
12% |
34% |
|
|
10% |
56% |
31% |
|
|
26% |
9% |
68% |
|
|
8% |
54% |
32% |
|
|
8% |
51% |
32% |
Pricing information compares indexed prices on Singles’ Day 2021 (11 November) and compares them to indexed prices 1 November 2021.
Most popular Singles’ Day products 2021
Most popular Singles’ Day shopping categories 2021
Singles’ Day sales from New Zealand retailers
*Survey
The PriceSpy consumer omnibus survey in 2022 was conducted by 3Gem, in October 2022, on 500 New Zealand respondents.
The PriceSpy consumer omnibus survey in 2018 was conducted by VIGA (now Savanta), on 30 October 2018, on 527 New
Zealand respondents.
**Source: CNBC
In 2021, Alibaba and JD.com racked up around $139 billion in sales across their platforms on China's Singles' Day shopping event.
*** Source: Alizila
Alibaba’s 11.11 Global Shopping Festival brings together at least 900 million Chinese consumers and 290,000 brands.
**** Source: Statista
Compared to Singles' Day, Cyber Monday and Black Friday, the biggest online shopping days in the United States, look like exercises in frugality. Last year, total e-commerce spending on Cyber Monday amounted to $9.8 billion in the U.S. with Thanksgiving day and Black Friday adding another $12.3 billion for a weekend total of $22.1 billion. This year’s Thanksgiving weekend will likely bring another record in U.S. e-commerce history, but it won’t come close to matching China’s largest shopping extravaganza.
About PriceSpy
PriceSpy is a comprehensive price and product comparison service used by millions of consumers every month. It helps consumers find, discover, research and compare products.
PriceSpy has 139,337 indexed products, 1,730,000 indexed prices, 584,000 product ratings, 7,510 store ratings and 1183 stores. Providing a fully impartial comparison service for consumers and a deep depository of price data for retailers.
The PriceSpy app is available to download for free, via the App Store and Google Play.
Prisjakt launched in the year 2000 and is Sweden's largest price comparison service. The service is known in Sweden and Norway as Prisjakt, and in the UK, Ireland and New Zealand as PriceSpy.
PriceSpy is a comprehensive price and product comparison service used by millions of consumers every month. It helps consumers find, discover, research and compare products. Since the business first started in 2002, its main objective has been to help consumers make better purchasing decisions. PriceSpy does this by collecting and sharing honest, transparent information about retail stores, products and prices. PriceSpy has 108,000 indexed products, 1,730,000 indexed prices, 584,000 product ratings, 7,510 store ratings and 1183 stores. Providing a fully impartial comparison service for consumers and a deep depository of price data for retailers. PriceSpy is part of Schibsted and is located in Sweden, Norway, Denmark, Finland, New Zealand, France and the United Kingdom. The PriceSpy app is available to download for free, via the App Store and Google Play.
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