Whoever would have thought that young men in China would end up spending more than young women this Double 11? Also that local brands would finally come neck to neck with global brands in terms of popularity and sales? Well, the CEO of Soul, Zhang Lu got her team to conduct a survey on Single’s Day 2024 and these were just two of several surprising findings of Soul’s report.
When discussing a shopping fest anywhere in the world, the general perception is that the maximum number of purchases will be made mostly by women for women, children, and even pets. But, this year’s shopping marathon turned that generalization on its head as young men led the spending spree with an average 11.11 budget of 4800 RMB.
In comparison, women spent 10% less at 4300 RMB. Furthermore, if men are buying, the perception is that they will stick to the toys for big boys; think digital products, cars, tech products, home appliances, electronics, etc. Yes, to a large extent, this belief held true for Double 11 this year as well.
However, the generous government subsidies also played an undeniable role in the massive sales volumes of these sectors. However, these were not the only products that young men in China splurged on. Astonishingly, general well-being and even health care, medical aesthetics, and skin care products ranked high on the “must-have” list of male shoppers.
This busted right through the myth that men tend to opt for utilitarian purchases while women choose aesthetics and emotional value when making their buying decisions. The report from the team of Soul Zhang Lu called this the rise of the “He Economy” as nearly 13% of their survey participants stated that they had spent a significant portion of their Double 11 budget on medical aesthetics.
The rise of the “He economy” also pointed to the fact that men are now prioritizing wellness and appearance in their spending habits. Moreover, this trend reflects a broader change in attitudes around male self-care. For retailers, this trend opens up new avenues to cater to male consumers with targeted marketing and product offerings.
In terms of how Double 11 fared when compared to its iterations in previous years, well, the participation was unparalleled indeed with 90% of the survey respondents stating that they had shopped to their heart’s desire. That said, this year’s shopping marathon wasn’t about mindless splurging just for the heck of it. There was a marked difference in both consumer mentality and budgetary changes from the trends of previous years.
For instance, about 35.5% of respondents planned to spend more on Double 11 in 2024 compared to the previous year, while 25.5% planned to spend less. This budgeting behavior reflects the generation’s careful consideration of financial priorities, as they seek to balance indulgent purchases with financial responsibility.
Soul Zhang Lu’s survey also pointed to the fact that Gen Z adjusts their budgets based on changing financial needs, personal economic circumstances, and evolving consumption preferences. While they’re willing to splurge on items that enhance their lifestyle, they’re equally mindful of long-term financial health. This dual approach demonstrates that the spending habits of Zoomers are rooted in a desire to maximize value while ensuring financial security.
When it came to consumption mentality, emotional value purchases were definitely at the top of the list with more than 40% of the survey participants expressing their desire for “Happy Spending”. In fact, the desire to spend on products and services that offer emotional value, joy, and happiness and hence contribute to mental well-being surpassed other consumption trends such as upgrading with better quality and minimalistic spending, both of which raked in about 37% votes. Around 30% of the survey respondents also stated that they intended to downgrade their consumption by prioritizing cost-effectiveness.
Because “Happy Consumption” emerged as the most conspicuous shopping trend of the season, the team of Soul Zhang Lu drilled down further to understand the products that Zoomers were buying to fulfill these needs. The responses revealed that items such as plush toys from Jellycat, IP-themed products like Chiikawa, and experiences such as travel and entertainment have become popular Double 11 purchases.
Another striking finding of Soul Zhang Lu’s survey was that Gen Z is taking a balanced approach to shopping. While Double 11 is typically dominated by e-commerce, Soul’s report revealed that Gen Z is just as keen on embracing offline shopping.
A significant 37.1% of young consumers said that they had turned to offline sales events during Double 11, 2024. This showed that physical stores still hold appeal. Within this group, 44.3% reported that they had split their spending evenly between online and offline channels, while 14.5% said that they spent more offline than online.
This trend speaks to Gen Z’s desire for a more tactile, immersive shopping experience that online platforms cannot fully replicate. Physical stores provide opportunities for interaction, engagement, and a sense of community.
These elements align with Gen Z’s social values and enhance their shopping experience. Also, this points to the fact that in the future, retailers that can integrate the convenience of online shopping with the sensory appeal of offline stores are likely to capture this audience’s interest.
Finally, the youngsters who were a part of Soul Zhang Lu’s survey also stated that while e-commerce sites played an important role in the whole experience of Double 11, social networking platforms and even social media sites were just as integral to the festival.
These offer an opportunity to exchange tips, find deals, and share product experiences, which turns Double 11 into a community event. In other words, for Zoomers, social engagement is another takeaway from Double 11, which explains why so many youngsters were happy to answer the questions of Soul Zhang Lu’s researchers.