SHANGHAI, Nov. 12, 2024 /PRNewswire/ — The 2024 edition of Double 11 graced us earlier than anticipated. During this “Double 11,” Just So Soul Research Institute, a think tank dedicated to the youth, embarked on a “Double 11 consumption” survey via the social networking platform Soul App. The initiative garnered 3,014 responses, with the Gen Z demographic comprising over 70% of participants. As the epicenter of social networking for Chinese youth, Soul App has become a hub for the articulation and deliberation of consumer choices, brand inclinations, and a myriad of life perspectives.
The report reveals a noteworthy trend for 2024: the proportion of young individuals engaging in Double 11 has seen another uptick, with a staggering 90% partaking with fervor. “Happy consumption” has emerged as a dominant theme, capturing the hearts of over 40% who now prioritize paying for “emotional value,” redefining the consumption ethos of the younger generation. In a shift of traditional narratives, the “He Economy” demands a fresh appraisal, with the average consumption budget for men eclipsing that of women during this year’s shopping extravaganza.
“Longest Double 11 in History” and the Perceived Fatigue: A Misconception
In the recent past, a search for “Double 11” on social platforms yielded a plethora of strategies and how-tos, interspersed with the occasional lament that “Double 11 hasn’t ended yet.” On October 14th, with platforms like Tmall initiating the first wave of promotional activities, the “Double 11 battle line” was drawn earlier than ever, anointing this year’s event as the “longest Double 11 in history.”
How does Gen Z perceive this elongated sales marathon? Are they more immersed or simply exhausted? The research indicates that a mere 15.8% of young people expressed distaste, with 4.9% of Gen Z feeling “exhausted” and 10.9% “mildly annoyed, worrying merchants would go back on what they’ve promised.”
Conversely, over 80% of young people maintained a neutral or positive stance towards the “longest Double 11.” A significant 38% considered it “irrelevant,” ceasing their participation after securing their desired items. An additional 15.8% stood in support, appreciating the absence of post-promotional FOMO (Fear Of Missing Out).
Amidst reports that “Double 11 is becoming less thrilling,” the research illuminates that compared to 2021 (81.3%) and 2023 (88.1%), the proportion of young people participating in Double 11 has reached a new zenith at 90.6% in 2024.
It’s particularly striking to note that only 10.3% of young people were newcomers to Double 11, with a majority having partaken in two or more iterations. Notably, 16.7% of Gen Z join the fray every year, and 10.6% have been part of over a decade of Double 11 events. This signifies that engaging in Double 11 has transcended into a pivotal aspect of youth culture.
When it comes to the battlegrounds of this event, Taobao/Tmall, Douyin, JD.com, and Pinduoduo were the preferred shopping platforms among the young. “Substantial discounts offering the most cost-effective prices” (39.9%), “a seamless return/refund process alleviating worries” (39.9%), and “an extensive range of products for purchase” (34.9%) are the top three factors influencing Gen Z’s platform selection.
Moreover, the resurgence of offline shopping is palpable in 2024. During this Double 11, 37.1% of young people were more attentive to offline promotions, with 44.3% balancing their offline and online spending and 14.5% spending more offline than online.
Consumption Downgrading or Upgrading? “Emotional Value” Took Center Stage
Survey results indicate that compared to 2023, 35.5% of young people increased their Double 11 budget, a stark contrast to the 25.5% who decreased it. The primary driver of budget changes is “shifts in consumption needs” (42.5%), followed by “fluctuations in personal economic status” (40%) and “evolution in consumption mentality” (35.1%).
The consumption paradigm of the youth has undergone a significant transformation, with “paying for emotional value” emerging as a mainstream trend. In terms of consumption mentality, “happy consumption, spending for emotional value/interest” (40.1%) garnered the most votes, surpassing “consumption upgrading, focusing more on quality” (37.1%), “minimalist consumption, no unnecessary spending” (36.9%), and “consumption downgrading, prioritizing cost-effectiveness” (30.2%).
This explains the popularity of companion plush toys like Jellycat and a variety of cultural and creative products from different regions among the youth. In this year’s “happy consumption” expenses, travel-related such as booking flights and hotels (42.3%), gaming consumption (38.9%), cultural and entertainment consumption such as music festivals/stand-up comedy (29.6%), cultural and blind box toys (27.7%), and IP-related consumption such as purchasing Chiikawa, butter bear joint-name products (27.3%) are the predominant categories.
During the Double 11 period, the proportion of “happy consumption” among young people is also remarkable. Approximately 30% of young people had a “happy consumption” ratio exceeding half, with 12.8% spending nearly all of their Double 11 budget on “happy consumption.” Furthermore, 53% of respondents allocated over 30% of their total Double 11 expenditure to “happy consumption.”
“He Economy” Gained Momentum: Men’s Double 11 Budget Surpassed Women’s
The classic jest that women, children, the elderly, and pets dominate the consumption power hierarchy, relegating men to the bottom, has been turned on its head. The research reveals that in 2024, men’s Double 11 consumption budget has overtaken that of women, with men allocating RMB 4,805 and women allocating RMB 4,307.8.
This shift may be attributed to the national consumption subsidy policy, offering men the opportunity to upgrade their focus on products like cars, home appliances, mobile phones, and digital products. 44.78% of men “consumed as expected,” while 19.63% “exceeded their budget” during Double 11.
Interestingly, men’s interest in medical beauty is on the rise. For instance, 12.8% of men opted for medical beauty in the category of “happy consumption.”
The report also highlights the ascendancy of domestic products, particularly in high-end sectors like mobile phones and digital products.
In terms of brand preference, nearly 60% of young people opted for domestic products in 2024. Especially in beauty and skincare, mobile phones, sports/outdoor products, home appliances, and toys, young people’s preference for domestic brands has surged – this is also the top 5 areas showing a clear growth trend compared to 2023.
The preference for domestic beauty and skincare brands has skyrocketed from 24.8% in 2023 to 38.3% this year. The rapid sales of domestic beauty brands like Proya, which surpassed 100 million yuan within the first 10 minutes of the first wave of Tmall Double 11 pre-orders, demonstrate that domestic brands have been diligently building their product and brand strength, earning recognition from young people. The successful expansion of domestic brands to Gen Z is now manifesting in an array of domains.
View original content:https://www.prnewswire.com/news-releases/soul-app-unveils-2024-gen-z-double-11-consumption-behavior-report-happy-consumption-surges-with-over-40-valuing-emotional-value-302302155.html
SOURCE Soul App
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