The annual Singles Day has a generational divide says new research from LoopMe which found that Boomers are more interested in Singles Day sales than any other age group in Singapore.
Over half of Boomers (71%) aged between 55 and 64 said they planned for the annual shopping event on 11/11 a few weeks or months in advance. More than a quarter of this age group (27%) were interested in online sales during this time compared to other age groups.
“What started off as a holiday celebrated by unmarried people in China in 1993 remains a robust shopping event across Asia three decades later,” said Sarah Tims, AVP Marketing, LoopMe.
“The data clearly shows that Boomers are still actively participating in Singles Day sales, indicating a prevailing cultural nostalgia. While Gen Z might not hold such sentiment, they are still not opposed to a sale, especially when they see it online and on social media.
Meanwhile, only 34% of Gen Z and 26% of Gen X said they planned in advance to shop on Singles Day. Similarly, 36% of millennials between the ages of 25 and 34 and 34% of millennials aged between 35 and 44 said they planned in advance for this day.
Among Gen Z, 19% said they were interested in online sales during Singles Day, with 14% saying they found in-store sales more appealing.
Women are set to be the stars of this year’s Singles Day, with over half of them (61%) planning for the event months in advance. Data suggests that advertisers have caught on to this, as 63% of women noticed that they were being served more widespread Singles Day promotions compared to previous years.
Tims added, “Brands with the foresight to target women with sales promotions in the days leading up to the event are likely to see it pay off this week.”
The majority of Singles Day shoppers who plan to buy from international retailers this year will also be women (60%). This is in the face of almost a quarter (22.50%) of Singapore consumers who prefer to shop with local retailers instead.
Overall, half of Singapore consumers (49.2%) are interested in some sort of Singles Day sales (either online, in-store or a mix of both), which is unsurprising as the country is a leader in omnichannel spending.
The report added that over half of the respondents (50.8%) said they weren’t interested in Singles Day sales, indicating that the popular shopping holiday might be losing momentum as a cultural event. Businesses can still target customers all year round as retail spend is only set to grow in the country, with the sector set to exceed 5.3 billion SGD by 2026.
Other insights highlight that social media is the biggest platform for Singles Day sales and promotions (44.1%), followed by TV (24.1%) and online search (23.3%). Interestingly, email newsletters only contributed to 8.4% of Singles Day sales promotions seen by people.
For the report, LoopMe surveyed 1,690 Singapore consumers between 30 October and 6 November to understand consumer behaviour around Singles Day.