Singles Day still little known in Switzerland, but has a lot of potential
The fact that "Singles Day" is a shopping day on November 11 is still little known in Switzerland. Nevertheless, the discounts are likely to be heavily used, as a study by Profital shows. This offers retailers the chance to boost the currently dampened buying mood.
While most people are familiar with Black Friday, Singles Day on November 11 still has to fight for its place in the minds of consumers. 81 percent of the 2,515 Profital users surveyed were not aware of Singles Day. However, Profital Managing Director Raphael Thommen is confident that November 11, 2020 will be a success for retailers: "In terms of awareness, Singles Day still has a lot of room to grow, but we can still expect sales to increase compared to the previous year.
Good reasons to be optimistic
The optimism seems to be justified: 72 percent of Singles Day connoisseurs plan to make purchases. And even among consumers who were previously unaware of Singles Day, the prospect of good deals increases the mood to buy. More than half intend to take advantage of the offers. The younger the respondents, the greater their interest.
The fact that most (67%) want to find out about offers in preparation for Singles Day represents an opportunity for retailers. Consumers are particularly interested in deals in fashion, food and electronics. In these product categories, half to around three quarters of respondents want to grab a bargain.
Into the stores for bargains
Contrary to what one might expect based on the current situation, brick-and-mortar retailing remains highly popular. 21 percent of respondents only want to store online, 32 percent only in stores - for almost half, both are an option. "Consumers are particularly hybrid when it comes to bargain hunting, i.e., whether it's the Internet or a brick-and-mortar store is secondary. The good offer is more important," says Raphael Thommen.
In individual regions of China, Singles Day has been celebrated on November 11 since the 1990s, symbolizing the uniqueness of singles. The tradition has become increasingly popular thanks to the Internet. Retailers increasingly use the day to run special offers. Singles Day is now said to be the biggest shopping day of the year worldwide - ahead of Black Friday.
For the ProfitalThe study surveyed 2,515 users of the Profital app throughout Switzerland, including 1,681 in German-speaking Switzerland, 570 in French-speaking Switzerland, and 264 in Ticino. The survey took place between October 13 and October 16, 2020.
