Singles’ Day is just around the corner and although New Zealand doesn’t celebrate it as much as Black Friday and Cyber Monday, new research from PriceSpy shows that awareness appears to be slowly growing.
What is Singles’ Day?
Singles’ Day began in China as a shopping day and unofficial holiday for bachelors. The event is often also referred to as ‘anti-Valentine’s Day’ and occurs on 11/11 each year as the date includes all ones, a nod to the ‘single’ element.
Despite Singles’ Day being the biggest shopping event in the world, generating $38.4 billion (USD) in 2019, PriceSpy data reveals 67 percent of New Zealanders still haven’t heard of it.
Is it worth the hype?
Overall awareness of Singles’ Day has grown in New Zealand over the last year with 33 percent having heard of the day, compared to last year’s 28 percent. But despite the hype and marketing, will Kiwis be grabbing some bargains? Or do many feel pressured to purchase products just because there are sales? PriceSpy data answers yes to both.
Compared to a standard day, PriceSpy’s Index revealed there was a total price drop of only -0.42 percent across all products listed on its website on Singles’ Day 2019. 13 percent of all products were discounted on Singles’ Day 2019, but 39 percent of all products actually increased in price.
Liisa Matinvesi-Basset, NZ country manager for PriceSpy says one reason behind the increase in product price may be that retailers are saving their bigger discounts for Black Friday.
“Dropping prices too much ahead of Black Friday would mean retailers wouldn’t be able to offer as attractive discounts on a day when New Zealanders are more likely to shop. But as people’s interest for Singles’ Day in New Zealand continues to grow, this may change in the years to come.”
Although Black Friday always provides epic deals, PriceSpy found that Singles’ Day also offers some decent discounts, with the average discount offered last year at just over 20 percent.
“Although many Kiwis may feel pressured to buy during these big sales events, it’s really important to alleviate some of these stresses and not panic or rush buy.
“Instead, before you head to the checkout in-store or click on the all-important ‘buy’ button, have a look at the PriceSpy website or app to check you’re always getting the best deal.
Shoppers who take more time to research products and prices are more likely to secure a bargain in the sales and avoid paying over the odds.
PriceSpy’s top predictions for Singles’ Day 2020.
Most popular shopping categories:
- Computers and Accessories
- Phones and GPS
- Audio and Video
Most popular product categories:
- Mobile phones
- Game Consoles
Most popular products
- Nintendo Switch
- Samsung Galaxy S10e SM-G970F 128GB
- Sony WH-1000XM3
“Tech looks set to be the thing most shoppers will be hoping to pick up at a bargain price on Singles’ Day this year – and to help them achieve this, we strongly recommend they do their price research ahead of time,” says Liisa Matinvesi-Basset.