Alibaba, which introduced Singles Day as a focus for e-commerce, generated US$14.3 billion in gross merchandise volume** during the 2015 11.11 Global Shopping Festival. Shopback found that among those who expressed intent of shopping online on Singles' Day, an estimated 60% shared that they will keep to their usual spending bracket of S$51 to S$150. ShopBack commented that the feedback "shows most Singaporeans are self-restrained when it comes to spending, even on a major retail holiday such as Singles' Day which boasts steep discounts and incredible deals".
ShopBack noted that the low prices encourage respondents to explore cross-category purchases. Half of respondents who said they usually focus on one shopping category shared that they will consider purchasing from other categories on Singles’ Day, ShopBack said.
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| Source: Shopback. Spending patterns for Singles Day. |
ShopBack further predicts that the fashion, health & beauty and electronics categories will enjoy more purchases on Singles’ Day, whereas sales in the dining and travel categories might be lower as Singles’ Day deals are perceived to be relatively less enticing.
*An online survey was conducted over the past two weeks and garnered feedback from 2,000 residents in Singapore. The survey results are collated in collaboration with SingSaver.com.sg.
**Gross merchandise volume or GMV is the total amount settled through Alipay on Alibaba’s China and international retail marketplaces. All 2015 11.11 GMV and other figures are subject to final auditing following conclusion of the event.
