Singles’ Day 2024: Key Brand Learnings

Published 15 November 2024

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3 min read

The longest Singles’ Day shopping event yet (October 14 to November 11) attracted more customers and increased sales (a rise of 4% to 5%), compared with 2023’s record-low growth, but economic headwinds and ‘lower-desire lives’ kept yesteryear’s frenzied spending in check. Sales-boosting initiatives and notable sectors for 2025 include 24/7 artificial-intelligence-(AI)-powered livestreams, Gen Zalpha-snaring ‘guzi’ (animation, comics and gaming merch), and pet products.

Key Stats

General

4%-5%	While e-commerce platforms did not divulge their sales growth figures for Singles’ Day 2024, analysts estimate an increase of 4% to 5% in spending globally from 2023’s record low of 2%
49%	In China, 49% of consumers were excited by the prospect of Singles’ Day 2024, but the numbers are lowering annually: it’s a decrease from 53% in 2023 and 76% in 2021
3/4	In a survey of Chinese shoppers, 75% said they would spend the same amount or less during Singles’ Day 2024, broadly in line with 2023’s spending attitudes
20%	Singles’ Day shopper numbers rose by 20% year-on-year at Chinese e-commerce platform JD.com – most likely due to the length of the 2024 event (October 14 to November 11)
3.8x	Orders from Chinese e-commerce platform JD.com’s JD Live livestreams, hosted by procurement and sales managers, surged 3.8 times from 2023 levels
13.2%	Unemployment among Chinese 16- to 24-year-olds was at 13.2% in June 2024, down from a high of 21.3% in 2023; it’s powering movements like ‘low-desire life’ (frugal living)
23%	In China, 23% of Gen Zers said in August 2024 that they’d used AI retail tools, like visual search, in the previous six months, compared with 12% of all shoppers – Chinese e-commerce platforms responded by putting such tools front and centre of Singles’ Day 2024
69%	Among Chinese early adopters of AI, 69% used visual and voice-activated search or chatbots in the six months to August 2024, indicating that brands should roll out these technologies
37%	Among Chinese early adopters of AI, 37% used AI-powered virtual try-on in the six months to August 2024, suggesting that it’s a key technology to implement when selling in China
31%	Among Chinese early adopters of AI, 31% had engaged with a livestreaming AI avatar in the six months to August 2024 – hence JD.com’s use of 24/7 livestreamed avatars of staff

‘Discount Mindset’ Drives Sales Despite China’s ‘Low-Desire Life’ Tempering Excitement

Reflecting similar western sentiments (see One-Minute Explainer: Underconsumption), Chinese consumers are embracing a ‘low-desire life’ (frugal living). Just 49% of Chinese consumers said they were excited about Singles’ Day 2024 – down from 53% in 2023 and 76% in 2021 (Bain, 2024). This attitude is driven by environmental concerns alongside a drop in discretionary spending as economic headwinds bite. However, there are also potent China-specific drivers here.

Rising youth unemployment (see Key Stats) and the evolution of the ‘tang ping’ (‘lying flat’) movement in response to China’s 966 culture (working from 9am to 9pm, six days a week) are combining to fuel a kickback against China’s high-consumption, high-productivity ethos. See Lunar New Year 2024 for more.

These forces dampened growth, with major e-commerce platforms choosing not to divulge their sales figures. However, analysts peg growth at 4% to 5% (CNBC, 2024), up from last year’s record low of 2%.

“We are at the peak of a consumption downgrade. People are so deep in a discount mindset and they feel the need to save every yuan they can,” Yaling Jiang, founder of research and strategy consultancy ApertureChina, told Reuters.

This shift has led consumers to evaluate bargains more carefully. “Sentiment is quite different this year, much calmer,” Ashley Dudarenok, founder of ChoZan, a China-focused marketing consultancy, told CNBC. “Chinese consumers are not caught up in the ‘buy, buy, buy frenzy’, they are hunting [for] products that they actually need.”

AI Powers 24/7 Livestreaming

Responding to the prompt adoption of AI-powered tools by Chinese consumers (23% of Gen Zers used AI retail tools, such as visual search, in the six months to August 2024, compared with 12% of shoppers of all ages; Bain, 2024), China’s e-commerce platforms have ploughed investment into generative AI.

For Singles’ Day 2024, e-commerce giant JD.com’s AI-powered avatar generator enabled 24/7 livestreaming by allowing JD to create avatars of real people. The initiative married two trends from 2023: virtual influencers and salespeople manning livestreams instead of influencers. The platform debuted the technology in March with an avatar resembling founder Richard Liu that boasted his distinctive Suqian accent and characteristic hand gestures.

While AI avatar-manned livestreaming uptake is lower than some other AI technologies (31%, versus 69% for visual search; Bain, 2024), livestreaming’s rise has been responsible for powering Singles’ Day sales. Traditional e-commerce sales shrunk in 2023 (by 1%), while livestreaming and video sales rose by 19% (Bain, 2024).

Critically, Chinese consumers are, on average, 45% more trusting of AI than Americans, and 40% more than Europeans, with customer support and personalised shopping recommendations being the most trusted categories of AI support (Bain, 2024).

Gen Zers Power ‘Guzi’ & Pet Products Growth Amidst the Friendship Recession

‘Guzi’ (toys and collectibles based on games and cartoons) was a major sales booster during Singles’ Day 2024, with many items selling out near-instantaneously. British soft toy maker Jellycat saw a year-on-year sales rise of 230% (Alizila, 2024). Guzi’s popularity, which has soared in recent months, has been attributed to a friendship recession among Chinese Gen Zers, many of whom now gather at guzi stores IRL (in real life) in a bid to strike up new connections based on their shared fandom.

As detailed in our Look Ahead: 2024, fan-powered retail is booming as merchandise sales soar and demand exceeds supply for many events.

Sales of pet products have also surged, driven by Gen Zers and millennials. By the end of 2024, China’s urban pet population is expected to outnumber children under the age of four (FT, 2024).