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The new normal: Silver economy shines brightly as Singles' Day 2023 approaches
China is now home to the largest population of shoppers
over 60 in the world. This segment is China's fastestgrowing
generational group and is already digitally
enabled-making this a prime segment for retailers and
platforms currently focusing marketing spend on younger
and middle-aged consumers.
Broadly speaking, we see two broad types of buying motives for silver economy consumers: Those who
shop on Singles' Day searching for bargains, and those spending on items to improve their quality of life and
make their later years more enjoyable.
DISCERNING BETWEEN DIFFERENT TYPES OF SENIOR SHOPPERS IS KEY TO
EFFECTIVE MARKETING
For the bargain hunters, this archetype tends to have
lower disposable income (though not always) and often
lives in lower-tier cities. Spend levels on Double 11
remain fairly consistent year-to-year, though they are
willing to increase if given a compelling reason. With that
said, they largely purchase daily necessities, such as
general groceries. Only 1% of surveyed consumers older
than 56 do not intend to purchase groceries this Singles'
Day. We believe this is driven by this type of consumer.
Meanwhile, those consumers spending on items
that improve their quality of life and make their later
years more enjoyable are likely to shop premium
beauty products, as well as medical and healthcare
supplements. They are more likely to live in major, tier
one cities and boost Double 11 spend year-over-year. We
see this segment growing with time, as a rising Chinese
middle class will lead to a larger percentage of older
shoppers with disposable income.
For retailers, platforms, and brands, knowing your audience
and which to target for a given product or campaign will be key
to success. Adjusting your messaging and channel delivery
to connect with the right segment is the difference between
effective marketing and a missed opportunity. Though
given rational consumption preferences, promoting your
value proposition and product quality-especially for general
groceries, beauty and personal care products, and medical
supplements-will likely entice senior shoppers across both
archetypes this year.
of surveyed
consumers older
than 56 do not intend
to purchase groceries
this Singles' Day.1%
ONLY
FIGURE 7: PRODUCT CATEGORIES THAT SENIOR SHOPPERS WILL LIKELY SPEND ON DOUBLE 11 THIS YEAR
Survey question: Please indicate your likely spend across the following product categories during this year's Double 11 as compared to last year
Source: AlixPartners China Singles' Day Survey 2023 (N=2,150)
Increase No change Decrease No plan to purchase this year
16%
17%
19%
20%
24%
24%
26%
28%
30%
30%
35%
35%
37%
39%
35%
38%
34%39%
31%
51%
38% 46%
49%
49%
39%
59%
12%
24%
16%
21%
14%
16%
12%
18% 9% 12%
7%
14%
4%
32%
25%
27%
25%
24%
29%
12%
16%
15%
9%
9%
12% 1%
Education and toys for kids
Luxury Goods/Watches & Jewelry
Wine and spirits
Home entertainment spend (e.g. online streaming,
in-home gaming gadgets etc.)
Health and fitness gadgets (e.g. massager, pickleball equipment)
Recreational services (e.g. yoga class,
gardening class-online/offline)
Beauty and personal care
Consumer appliances and electronics
Clothes, fashion & accessories
Lifestyle and home furnishing
Premium beauty and personal care products
Medical & healthcare supplements
General groceries (e.g. hygiene, food etc.)
56+ years old
As this demographic may fuel the future growth of
Double 11, retailers must tap into the silver economy's
shopping preferences. Below, we lay out what you need
to know to connect with, and convert, this increasingly
influential generation.
The silver economy