3
The new normal: Silver economy shines brightly as Singles' Day 2023 approaches
Singles' Day, or Double 11, is celebrating 15 years as China's
marquee shopping festival. Double 11 2023 is especially crucial-
with consumption metrics a leading indicator of Chinese
economic rebound as the country faces post-pandemic
economic uncertainty.
In recent years, shoppers showed less enthusiasm to spend on Singles' Day, evidenced by a declining year-over-year growth
rate in our annual AlixPartners Singles' Day Survey.
TOTAL SPEND WILL EXCEED
THAT OF 2022
According to our 2023 survey of more than 2,000 Chinese
consumers, sentiment is picking back up and shoppers
will once again turn out in large numbers to take
advantage of Double 11's famous discounts.
of respondents say they are likely to increase
spend this year compared to last, while only
7% plan to decrease
46%
18%
12%YOY GROWTH
These numbers stay similar across age groups
and those shoppers planning to spend more will
see attractive discounts and the convenience of
e-commerce as primary motivators to do so.
62% say they'll spend at least 3,000 yuan this
year, up 11 percentage points from 2022.
from 2020 to 2021 slowed to 5% from 2021 to 2022, largely driven by the fiscal climate and once-hot
marketing tactics losing momentum. So, how will consumers respond in times of economic constraint?
What purchasing behaviors will emerge amongst this year's most active customer groups? And what
can businesses do to make the very most of this global retail phenomenon?
Results indicate an 18% increase in total spend is
expected as compared to that of 2022, more than triple
last year's growth rate. This may be the first Singles' Day
post-pandemic where consumption returns to "normal" levels.
3
The new normal: Silver economy shines brightly as Singles' Day 2023 approaches