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The new normal: Silver economy shines brightly as Singles' Day 2023 approaches
Conclusion
Fortunately for retailers, platforms, and the Chinese economy at large, our survey indicates
consumers will ramp up their participation and spend for Singles' Day 2023 by 18% compared
to 2022. To make the most of this opportunity, retailers and platforms must adjust to rapidly
evolving market dynamics and navigate the competitive landscape to meet consumer needs.
2020 witnessed a surge in Singles' Day spend as trendy marketing tactics hooked consumers into impulsive
purchases. But livestreaming and KOL recommendations faded away as almost as quickly as they rose.
Pandemic-fueled economic concerns eroded growth rates in 2021 and 2022, as shoppers tightened purse
strings and reduced Double 11 gifting.
Rational consumption habits will lead consumers to make more knowledgeable, discerning choices to ensure the
greatest value. The product is the main factor in their decision-retailers must emphasize functionality, quality,
and advantages over rival options. This goes for both foreign and domestic brands, which now sit on a level
playing field. To win, brands can either compete on price or compete on product differentiation.
As the Chinese population structurally shifts, the rising silver economy has become too large to ignore. Retailers
must embrace senior shoppers and their unique preferences to meet a different set of needs and behaviors.
A curated strategy targeted at this segment (and those soon to reach this segment) through their preferred
channels and promotional tactics-with focus on ease of the shopping journey and product use-will set retailers
up to grow their share of this crucial maket.
Those that effectively shift to meet consumers where they are at will expedite their climb
above the competition this Singles' Day and beyond. Welcome to the new normal.
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The new normal: Silver economy shines brightly as Singles' Day 2023 approaches