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The new normal: Silver economy shines brightly as Singles' Day 2023 approaches
BRITTON RUSSELL
Lead Partner - Greater China
Retail & Consumer Goods
AlixPartners Hong Kong
Foreword
Welcome to AlixPartners' sixth annual Singles' Day report,
featuring outlook and opinion around a retail phenomenon
that acts as an important barometer for consumer
sentiment and purchasing intent around the world.
The annual event, also known as Double 11, has evolved from a Chinese
celebration of singlehood into an e-commerce extravaganza that captures the
attention of consumers globally.
This year, we have conducted an in-depth survey of more than 2,000 consumers
across multiple age groups, geographies, and demographics, capturing a vivid
picture of the extraordinary shopping event on the horizon.
Consistency in our survey methodology over the years empowers us to track
changes in consumer sentiment, while our commitment to exploring emerging
trends ensures that we remain at the forefront of this dynamic event.
Our report serves a fourfold purpose. First, it offers early insight into the
expectations and behaviors of consumers leading up to Singles' Day. Second, it
identifies key trends that are likely to shape this year's event. Thirdly, it provides
a structured framework for comparing surveyed responses with the actual
outcomes of Singles' Day, offering invaluable insights for businesses. And finally,
of course, a vital temperature-check of consumer sentiment prior to this year's
event to help refine views of how it will unfold.
Over the years, our reports have unearthed crucial trends such as the increasing
influence of livestreaming, the impact of the global pandemic on e-commerce,
and the growing importance of sustainability in shopping choices.
In this year's report, we anticipate a surge in Singles' Day shopping, beyond
that which we saw in 2022. We also explore a series of pivotal trends that
have emerged in the lead-up to the event, including the concept of "rational
consumption," the rising prominence of domestic brands versus foreign
alternatives, and the criticality of how to effectively serve a growing "silver"
economy. These trends promise to reshape shopping habits and refine
purchasing experiences during Singles' Day 2023, offering fresh challenges-and
opportunities-for businesses to respond to.
I hope you find this year's report insightful and informative.