Singapore’s top e-commerce platforms registered record-breaking sales during the recent Singles’ Day shopping frenzy, taking part in “the world’s biggest online sales event.”
This was clear in Singapore as shoppers spent an average of SGD150 on 11 November 2019, shopping on items such as electronics, fashion, home & living and many others. Electronic items were the top-selling category with consumers spending an average of SGD171. Meanwhile, the Home & Living category saw the biggest growth in average spending as compared to 2018, recording a 156% increase in average basket size as compared to 2018.
This research by iPrice Group was conducted to discover Singaporean’s shopping habits and interesting insights on this year’s Singles’ Day event. iPrice Group conducted an analysis on how much Singaporean consumers collectively spent on the top categories. The data was obtained by averaging the consumer spending during Singles’ Day in comparison with 2018/2017. The findings were derived from data recorded across more than 150 e-commerce merchants and more than 30 million products through this product aggregator platform.
Here are the 5 most interesting findings from our study:
Singles’ Day Caused a 67% Upsurge in Shopper Expenditures. Data reveals that shoppers spent an average SGD150 on Singles’ Day, recording a 67% increase as compared to previous years (2018 & 2017). We believe the growth was driven by the positive interest of consumers on the sale event paired with extravagant deals & marketing initiatives undertaken by various e-commerce companies.
Consumers were Most Attracted with Electronics and Home & Living. Categories which saw the highest number of growths in spending were Electronics, Home & Living and Kids & Toys. The Electronics category recorded the highest basket size at SGD171, with 77% increase as compared to 2018. Meanwhile, Home & Living items were one of the most sought-after with 156% growth as compared to last year. Additionally, our study reveals that Kids & Toys category experienced a 92% upsurge growth as compared to 2018.
Gaming & Audio an Undisputed Favourite Among Shoppers. Consumers spent an average SGD171 on items such as Gaming, Audio & Hi Fi and Appliances which probably contributed to the growth of electronics by 77% growth as compared to 2018. A potential reason for high shopper expenditure was driven by high-value items such as gaming laptops, audio systems and many others.
Home & Living Items were the Second Most Spent Category. According to our study, shoppers spent an average SGD163 on home & living items on Singles’ Day 2019, indicating popularity on items such as security equipment, outdoor garden and lighting. This potentially shows an increase in consumer confidence in online shopping with items other than electronics & fashion.
Spending & Popularity on 11.11 At an All Time High & Has Room for More Growth. The increased consumer confidence shows further potential for growth on Singles’ Day in 2020 and beyond. This is evident as we saw a 62% increase in search interest on Singles’ Day, 2019 on Google Trends as compared to 2018. In addition, the increased consumer spending on categories other than Electronics & Fashion shows there is more room for growth for e-commerce companies looking to branch out to diverse types of products.