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The new normal: Silver economy shines brightly as Singles' Day 2023 approaches
As consumer behaviors shift alongside evolving market dynamics, we expect one major theme to
separate the winners and losers this Singles' Day.
It is our prediction that "rational consumption"
habits will drive a more knowledgeable shopping
base to seek maximum value with every purchase.
Retailers and platforms that provide modern
consumers with strong value for money, highlight
product quality, and build trust and loyalty through
authenticity will see the greatest returns.
The second key finding of this year's report
pertains to the booming "silver economy" of
senior shoppers. We believe this is the crucial,
overlooked segment for retailers to target-
which they can do by curating a strategy to the
generation's unique consumption behaviors
and preferences.
FIGURE 1: CONSUMERS ARE LIKELY TO INCREASE THEIR SPEND WITH DOUBLE-DIGIT GROWTH THIS YEAR
Survey question: How much do you estimate to spend this year during the Double 11 period in total for all platforms?
Source: AlixPartners China Singles' Day Survey 2020 (N=2,029), 2021 (N=2,000), 2022 (N=1,974), 2023 (N=2,150)
11%
24%
27%
22%
14%
2%
9%
19%
23%
24%
22%
3%
8%
18%
24%
27%
20%
4%
5%
17%
27%
34%
17%
1%
More than 10,000 yuan
5,001 to 10,000 yuan
3,001 to 5,000 yuan
1,001 to 3,000 yuan
300 to 1,000 yuan
Less than 300 yuan
-1%
-8%
-2%
+4%
+5%
+2%
AVERAGE SPEND YOY INCREASE
2020 3,990 N.A
2021 4,460 12%
2022 4,660 5%
2023 5,500 18%
Every Singles' Day event will amplify emerging consumer trends, and 2023 will be no exception.
As we explain in more detail over the following pages, the retailers and brands that best act
on the latest trends and capture first-mover advantage around the silver economy will position
themselves for success during Double 11 and beyond.