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The new normal: Silver economy shines brightly as Singles' Day 2023 approaches DISCRETIONARY SPEND REMAINS PROMINENT,
BEYOND SPEND ON DAILY NECESSITIES
Luxury goods and aspirational items like watches, jewelry,
wine, and spirits see the largest decrease in purchase intent
this year compared to last.
Meanwhile, consumers across age groups plan to increase
spend on practical, everyday items-categories such as
clothing and accessories, beauty and personal care products,
lifestyle and home furnishings, and food and hygiene displayed
the highest increases in purchase intent for 2023. Consumers
are still willing to reward themselves with discretionary
purchases, too, but these will be prudent as opposed to
extravagant or indulgent gifts.
The rising popularity of these channels-each with their own
distinctive segment characteristics and user behaviors-
reinforces the importance for brands and retailers to deeply
understand their target audience and select the mix of
channels that is best suited for their marketing efforts.
THREE PLATFORM TYPES SHOW INCREASING
PURCHASE INTENT:
Firstly, group bulk-purchase platforms such as
Pinduoduo continue to lead alongside industry
e-commerce giants JD.com and Alibaba's
Taobao and Tmall.
Secondly, further innovation in livestreaming
has seen the likes of Xiaohongshu's lifestyle and
information-sharing platform and Kuaishou's
community-led content gain traction.
Finally, WeChat mini-programs allow retailers
to directly market products to customers and
cultivate loyalty through repeat purchases.
FIGURE 3: CONSUMERS ARE NOT ONLY BUYING DAILY NECESSITIES, BUT ALSO PLANNING TO SPEND
MORE ON DISCRETIONARY ITEMS AS A WAY TO REWARD THEMSELVES
Increase No change Decrease No plan to purchase 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)
20%
21%
23%
26%
26%
28%
30%
31%
33%
40%
42%
42%
44%
36%
31% 38%
34%
36%
36%
40%
38% 44% 40%
43%
38%
35%
19%
23%
15%
15%
18%
14% 16%
17% 14%
13%
10%
14%
15%
25%
24%
25%
25%
20%
22%
14%
14%
9%
6%
5%
6%
6%
Wine and spirits
Luxury goods/watches & jewelry
Health and fitness gadgets (e.g. massager, pickleball equipment)
Recreational services (e.g. yoga class, gardening class-online/offline)
Home entertainment spend (e.g. online streaming, in-home
gaming gadgets etc.)
Education and toys for kids
Medical & healthcare supplements
Consumer appliances and electronics
Beauty and personal care
Lifestyle and home furnishing
General groceries (e.g. hygiene, food etc.)
Premium beauty and personal care products
Clothes, fashion & accessories