An average Singaporean is willing to spend $293 on that day, a survey showed.
Shopping phenomenon Singles’ Day which takes place annually on 11 November generates 935% growth in sales in Singapore, according to a survey conducted by discount provider Picodi.
According to Google, the popularity of Singles’ Day in Singapore has increased more than four times in the last five years.
“It all started with a few students from Nanjing University who decided to break away from the monotony of being single for one day,” Picodi explained. “They chose 11.11 because of the solitary implications of the number one which symbolise being single. However, this simple celebration turned into one of the largest shopping days in the world.”
Picodi’s survey found that two out of three Singles’ Day shoppers are men, whilst in accordance with the event’s name, 60% were in fact single.
“Of course, not only singles went on a shopping spree,” Picodi observed. “An increase in interest, although not as significant as amongst singles, was also noted in the group of people in relationships.”
The survey also revealed that compared to a regular day, the number of transactions on Singles’ Day amongst people aged 18-24 grew 2259%. However, growth in sales was not restricted to the younger demographic as increases ranging from 207% (aged 55-54) to 847% (aged 25-34) were also observed.
According to Picodi, most Singaporeans treat Singles’ Day as an occasion to splurge rather than execute ‘well-thought-out shopping plans’ as the survey reported that more than of Singaporeans buy impulsively on that day.
“Less than one third compare the prices in different stores and only 7% declare that they make lists before shopping,” Picodi said. “On top of that, most of the consumers - more than 70% - declare that they buy things just for themselves.”
In terms of how much they are willing to spend, the report highlighted how the average Singaporean is willing to spend $293 on the day itself.
Clothes were observed as the most popular purchase category across genders, and surprisingly, an average man tends to buy more than an average woman at 3.8 and 3.5 products, respectively.
In terms of where consumers shop, the survey revealed that 71% of Singaporeans tend to make their purchases online whilst a mere 3% choose to shop at physical stores. As a result, Picodi measured a 140% increase in online traffic compared to a regular day.
“According to our platform’s statistics, the number of online transactions increase significantly - there were 935% more purchases compared to a regular day,” Picodi added.
The report which looks into the shopping behaviour of Singaporeans on Singles’ Day was compiled using internal data from 600 participants in Singapore through Picodi’s website.
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