With six weeks until Christmas, a recent consumer survey by PriceSpy indicates that Singles' Day could be the next major sale event in New Zealand's retail calendar.
According to PriceSpy’s most recent survey findings, some 36 per cent of respondents said they have heard of Singles' Day, marking an 11 per cent increase from five years ago (24 per cent in 2018).
Source: PriceSpy - Graph shows awareness levels for Singles’ Day in New Zealand by year*.
Liisa Matinvesi-Bassett, New Zealand country manager for PriceSpy, says: “While Black Friday and Cyber Monday have dominated the retail space recently, Singles' Day seems to be making significant strides in New Zealand’s retail landscape, with over a third of Kiwis now aware of the event."
What is Singles’ Day?
Occurring on 11th November, Singles' Day began as a Chinese celebration of singlehood (11:11) and has evolved into a global retail phenomenon, dwarfing both Black Friday and Cyber Monday and generating a reported $84.5 billion in gross merchandise volume in 2021.
Consumer interest peaks on Singles’ Day
PriceSpy’s data last year shows a marked uptick in consumer interest on November 11, highlighting Kiwis' growing awareness and engagement with Singles’ Day.
Retailers recongnise the significance of Singles’ Day
PriceSpy's Price Index also reveals how New Zealand retailers are acknowledging the substantial spending power that Singles' Day brings to the table.
"Though the -1.58 per cent price drop may seem modest, it's noteworthy given the extensive range of products listed on PriceSpy, as well as the frequent daily price fluctuations, says Liisa.
Singles’ Day vs. Black Friday
While Singles' Day is gaining traction, PriceSpy’s ongoing research shows it still lags behind Black Friday in terms of the depth of discounts available.
Source: PriceSpy’s Price Index for November 2022.
But note, there are good savings to be enjoyed
Liisa adds: "While our Price Index data indicates that Black Friday may offer larger discount opportunities, our historical pricing research reveals that Singles' Day still presents valuable savings opportunities.”
PriceSpy's data uncovered the following:
“Singles’ Day may therefore present some great savings for shoppers, particularly in the current economic climate when costs are otherwise more elevated,” says Liisa.
Liisa concludes: “Even though Singles’ Day discounts in New Zealand may not yet match up to those offered on Black Friday, our ongoing research suggests the event could still offer substantial savings.
“For example, across the items that delivered a discount of ten per cent or more on Singles’ Day last year, some of the biggest average discounts came from the shopping categories of games (-33 per cent), power banks (-31 per cent) and perfume (-23 per cent).
“At a time when price is everything, these types of savings will no doubt be welcomed.
“Ultimately, our key piece of advice for anyone planning to make a purchase, whether it be on Single’s Day or in the lead up to Christmas, is to always carry out essential price research using a free comparison site or app, like PriceSpy first.”
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.