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Soul App Unveils 2024 Gen Z Double 11 Consumption Behavior Report: “Happy Consumption” Surges, with Over 40% Valuing “Emotional Value”

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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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Wrap Up Your Phone in Style with OtterBox

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-Sleigh the season with must-have holiday cases-

FORT COLLINS, Colo. , Nov. 25, 2024 /PRNewswire/ — Gearing up the holidays includes getting your phone ready for heavy travel and tons of photos. Prepare your most crucial travel companion for the holiday season with Symmetry Series Winter Collection and 2-in-1 Crossbody Straps, available now on otterbox.com.

Spread holiday cheer with Symmetry Series Winter Collection. These ultra-slim cases feature nutcrackers, holiday bows and a classic holiday plaid. Symmetry Series hugs your phone’s curves and features legendary OtterBox protection to keep your device safe all season long. These three new cases are perfect for getting into the holiday spirit and traveling in style.

Pair Symmetry Series Winter Collection with new 2-in-1 Crossbody Strap, available now. Symmetry Series for iPhone 16 devices have two built in connection points that act as accessory attach points. The crossbody is perfect for keeping your device close at hand during the holiday bustle. It features loops to easily connect keys and headphones when wearing as a crossbody or can be quickly converted into a wrist strap. The adjustable straps allow you to dial in the perfect length every time you wear it.        

OtterBox Symmetry Series Winter Collection and 2-in-1 Crossbody Strap are available now on otterbox.com and are 30% off through Thanksgiving.

About OtterBox:
From humble beginnings in a Fort Collins, Colo. garage, OtterBox now leverages more than 25 years of engineering and design expertise to develop protective products for all things mobile. It’s no surprise that OtterBox is the #1 most trusted smartphone case brand in the U.S. From ultra-rugged to sleek and stylish, OtterBox has you covered. 

Protect it. Style it. OtterBox it. 

At the center of every OtterBox innovation is a deeper goal to affect positive, lasting change. In partnership with the OtterCares Foundation, OtterBox gives back by inspiring kids to change the world through entrepreneurship and philanthropy. To learn more about this mission, visit otterbox.com/givingback

For more information, visit otterbox.com.

1Symmetry Series is NOT protective against water. Will provide added protection against drops and shock.

View original content to download multimedia:https://www.prnewswire.com/news-releases/wrap-up-your-phone-in-style-with-otterbox-302314872.html

SOURCE OtterBox

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VTech® and LeapFrog® Capture Coveted Holiday Toy Honors for 2024

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These Toys Deliver Award-Winning Learning and Fun for Kids of All Ages

CHICAGO, Nov. 25, 2024 /PRNewswire/ — VTech® and LeapFrog®, industry leaders in electronic learning toys, today announced that several of their innovative products have received top industry awards for 2024. These accolades celebrate the brands’ dedication to creating high-quality, engaging toys that bring excitement to every playtime.

“We couldn’t be more excited to see VTech and LeapFrog toys shining on holiday lists this year!” said Karen Balduf, Vice President of Marketing, VTech Electronics North America. “These awards reflect our commitment to creating toys that deliver joy while fostering kids’ development, learning and exploration.”

Highlights of the award-winning products include:

VTech® Sort & Discover Activity Wagon™: Discover a wagon full of wonders! Kids will love pulling this interactive wagon filled with light-up buttons, cheerful sounds and shape-sorting blocks. With an engaging activity panel and colorful design, it’s perfect for little adventurers to explore and play. Spark their curiosity and watch them enjoy hours of imaginative discovery. This wagon is a delightful way to turn playtime into an exciting journey!VTech® Sandy Snacks-a-Lot™: It’s time for a snack! Hold up a snack piece for Sandy to sniff, then place it on her tongue when she opens her mouth. Listen to Sandy’s thoughts on different foods and see her belly light up based on what she eats. Pet her head or press her back buttons for phrases and songs about food, flavors, colors and axolotl facts. Easily store snacks inside Sandy’s tail when playtime is over for convenient cleanup.VTech® KidiZoom® Smartwatch DX4: This super-cool, splash-proof smartwatch is perfect for kids ages 4+. It features dual cameras, a large high-resolution screen and a premium metal body. Kids can play exciting activities, challenges and reaction games designed to get them moving. They can explore creativity with photo and video effects or make music with the composer app. With 50+ clock faces and a shake-to-hear time feature, it’s both fun and entertaining!VTech® Go! Go! Smart Wheels® Checkered Flag Motorized Track Set™: Race into excitement with this fun track set! Use the remote to control the RC Racer and challenge the Motorized Race Car. Zoom around thrilling turns and bends, with track switches adding surprises at every lap. Celebrate victories on the winners’ podium with fun role-play phrases. Explore interactive SmartPoint® spots for first words, songs and racing sounds. This engaging toy develops fine motor skills and offers endless racing fun for toddlers!LeapFrog® Get Ready for Phonics™ Spin & Learn: This interactive toy is designed to boost vocabulary and early reading skills for kids ages 18+ months. With colorful lights, sounds and fun illustrations, kids can explore word sounds and vocabulary through four engaging modes. Press the big red button to light up pictures and hear fun phrases. Flip through ten easy-turn pages featuring playful scenes and characters. It’s a fun, educational adventure that helps little ones discover the magic of words!LeapFrog® Magic Adventures® Binoculars: Explore the world up close with these real high-tech binoculars, featuring a digital camera and vibrant video screen that magnifies up to 10x with day and night vision. Embark on virtual adventures with 340+ preloaded BBC videos and images of animals, insects, plants and more. Interactive games and trivia boost learning while exploring. Perfect for curious kids, these binoculars combine fun and education, letting them capture and save pictures of their discoveries and making every outdoor adventure an exciting learning experience!

Highlights of the award wins include:

Parents Best Toys Award Winners

VTech® Sort & Discover Activity Wagon™VTech® Sandy Snacks-a-Lot™LeapFrog® Get Ready for Phonics™ Spin & LearnLeapFrog® Magic Adventures® Binoculars

Good Housekeeping Best Toy Award Winners

VTech® Sort & Discover Activity Wagon™VTech® KidiZoom® Smartwatch DX4VTech® Baby Bopping & Cruising Baby Driver™LeapFrog® 4-in-1 Learning Hamburger™

Toy of the Year® (TOTY®) Finalists

VTech® Go! Go! Smart Wheels® Checkered Flag Motorized Track Set™ (Vehicle of the Year Finalist)LeapFrog® Magic Adventures® Binoculars (Preschool Toy of the Year Finalist)

For more information about VTech and LeapFrog products, available at major retailers, visit www.vtechkids.com and www.leapfrog.com.

About VTech®
VTech is a world leader in age-appropriate and developmental stage-based electronic learning products for children. As a pioneer in the learning toy category, VTech develops high-quality, innovative educational products that enrich children’s development and make learning fun. With a rich 45-year history, VTech has not only established itself as a learning authority but also consistently remains at the forefront of innovation with multiple award-winning products, including prestigious Toy of the Year (TOTY) Award winners. The company also has a broad range of award-winning infant, toddler and preschool products available in 28 different languages worldwide, with more than 100 new products introduced every year. In order to further strengthen VTech’s position as a learning authority, new products are developed with critical insights from a dedicated team of in-house learning experts.

VTech Electronics North America, L.L.C. is based in Arlington Heights, Illinois. VTech Electronics Limited is headquartered in Hong Kong with distribution globally.

About LeapFrog®
LeapFrog Enterprises, Inc. is the leader in innovative learning toys for children that encourage a child’s curiosity and love of learning throughout their early developmental journey. For more than 25 years, LeapFrog has helped children expand their knowledge and imagination through award-winning products that combine state-of-the-art educational expertise led by the LeapFrog Learning Team, innovative technology, and engaging play – turning playtime into quality time that helps children leap ahead. LeapFrog’s proprietary learning tablets and ground-breaking developmental games, learn to read and write systems, interactive learning toys and more are designed to create personalized experiences that encourage, excite and build confidence in children. LeapFrog is a subsidiary of VTech Holdings Limited, which is based in Hong Kong.  LeapFrog was founded in 1995 by a father who revolutionized technology-based learning solutions to help his child learn how to read. Learn more at www.leapfrog.com.

Media Contact:
Lauren Fagan
Coyne Public Relations
973-588-2000
lfagan@coynepr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/vtech-and-leapfrog-capture-coveted-holiday-toy-honors-for-2024-302314921.html

SOURCE VTech Electronics North America, L.L.C.

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Charge Your Phone For FREE At Lovesac This Holiday Shopping Season

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New StealthTech Charge Side brings wireless charging to any Sactionals configuration

STAMFORD, Conn., Nov. 25, 2024 /PRNewswire/ — The Lovesac Company, the Designed for Life home and technology brand, today announced the launch of the StealthTech Charge Side, bringing wireless device charging to its Sactionals Sides. Utilizing the invisible wireless charging capabilities of StealthTech Sound + Charge, the latest Lovesac innovation allows customers to stay connected without leaving the comfort of their couch. Throughout this year’s truncated holiday shopping season, Lovesac invites customers to recharge, literally and figuratively, with free device charging in all 300+ locations starting today through end of year.

Featuring invisible wireless charging, embedded in a Sactionals Side, StealthTech Charge Side offers the ultimate convenience, letting you power your devices without the clutter of power cords. With the ability to add up to three charging stations in a single Side, you’ll always have plenty of power at your fingertips. Like all StealthTech product line innovations, the Charge Side is designed with upgradable technology, allowing customers to easily stay up to date with the latest advancements. Charge Side seamlessly integrates into existing and new Sactionals configurations and is designed to be compatible with future innovations that enhance the comfort and convenience Lovesac is known for.

StealthTech Charge Side is the fourth major innovation to launch from Lovesac this year, closely following the Reclining Seat, the AnyTable, and the style renowned PillowSac Accent Chair – all building out new product categories or further innovating existing platforms for the brand. Understanding a shorter holiday shopping window will have many customers spending longer hours at the mall scrambling to find the perfect gift, Lovesac is offering complimentary device charging to keep your phone fueled in all 300+ locations, just in time for Black Friday and Cyber Monday deals on fan favorite Sactionals and accessories. Perfect for nearly half of holiday shoppers who prefer to experience products in person before buying, customers can recharge themselves and their phones while they shop select Lovesac styles, which are 30% off from 11/8/2024 – 12/8/2024.

“With the new StealthTech Charge Side, our customers can stay connected without leaving the comfort of their couch,” said Lovesac CEO Shawn Nelson. “Our mission has always been to create products that are Designed for Life – products that evolve as your life does. The Charge Side product takes the innovation of Stealth Sound + Charge and makes it more accessible and customizable for the changing needs of our customers.”

All 300+ Lovesac locations will be open to consumers for free charging during business hours starting today. For more information on StealthTech Charge Side, now available for purchase starting at $575, visit www.lovesac.com. To find the closest Lovesac showroom to you to start charging, visit the Showroom Locator

About The Lovesac Company 
Based in Stamford, Connecticut, The Lovesac Company (NASDAQ: LOVE) is a technology driven company that designs, manufactures and sells unique, high-quality furniture derived through its proprietary Designed for Life approach which results in products that are built to last a lifetime and designed to evolve as customers’ lives do. The current product offering is comprised of modular couches called Sactionals, premium foam beanbag chairs called Sacs, the Sactionals StealthTech Sound + Charge System, and the most recently launched PillowSac Accent Chair, a first of its kind accent chair for the living room. As a recipient of Repreve’s 7th Annual Champions of Sustainability Award, responsible production and innovation are at the center of the brand’s design philosophy with products protected by a robust portfolio of utility patents. Products are marketed and sold primarily online directly at www.lovesac.com/, supported by direct-to-consumer touch points in the form of our own showrooms, as well as through shop-in-shops and pop-up-shops with third party retailers. LOVESAC, DESIGNED FOR LIFE, SACTIONALS, SAC, STEALTHTECH, and THE WORLD’S MOST COMFORTABLE SEAT are trademarks of The Lovesac Company and are Registered in the U.S. Patent and Trademark Office.

Contact Lovesac:
Nate Zubal, PR & Project Specialist
Nate@lovesac.com 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/charge-your-phone-for-free-at-lovesac-this-holiday-shopping-season-302315281.html

SOURCE The Lovesac Company

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