It all started in 2009 as a lighthearted celebration of single-dom among university students in China. But Double 11 has come a long since then turning into what is undeniably one of the world’s largest shopping events. The CEO of Soul, Zhang Lu who is always keen to know what makes Gen Z tick got the platform’s research wing to conduct a survey to understand the responses and trends of Double 11 in 2024.
This year the global consumer phenomenon that is Single’s day started early which meant that both buyers and sellers had more time on their hands. A lot of industry watchers believed that this could be a turn off. But, that’s not how Zoomers saw it.
According to the report compiled by the team of Soul Zhang Lu, the Double 11 shopping spree was bigger and better in 2024 than in previous years, with over 90% of the survey participants stating that they shopped away enthusiastically.
As far as the extended shopping period was concerned, around 15% admitted to being less than happy about it while around 5% expressed that they found the marathon exhausting. Nearly 11% of the respondents acknowledged their annoyance but this was tied to a sense of worry pertaining to brand trust and not really to the duration of Double 11.
That said, more than balancing all these unfavorable reactions were the nearly 80% of the survey participants who claimed to be feeling either positive or neutral about the length of the shopping fest. Around 40% admitted not being too concerned about it as they simply finished shopping in the first round. Finally, 16% of the youngsters stated that the extra time meant they did not have to deal with the fear of missing out which led them to view the longer duration as a positive change.
While Single’s Day, 2024 certainly did not lack in terms of the frenzy and excitement associated with the shopping bonanza each year, things did show a distinct transformation as far as buyer preferences were concerned. Soul Zhang Lu’s team found that there was a notable shift toward “emotional value” purchases and an inclination towards domestic brands.
The fact is that for many younger consumers Double 11 is so much more than just a shopping holiday—it’s now a lifestyle moment that combines social media, entertainment, and personal expression. Because Gen Z plays an increasingly central role in the holiday, their unique preferences are understandably redefining the event’s purpose and format.
While older generations were and continue to be focused on practicality and savings, Gen Z is into products that bring joy, comfort, or a sense of fulfillment. So, it was no surprise that 40% of the respondents to Soul Zhang Lu’s survey showed a distinct preference for products that aligned with their emotional needs, such as collectibles and cultural merchandise, as well as experiences that foster happiness.
And this wasn’t just a trend observed in the report that came from Soul. Many industry watchers had anticipated the tide turning in this direction and brands were quick to take notice. For instance, among the hot-selling items this year were Jellycat plush toys, IP-branded products like Chiikawa merchandise, and travel experiences such as discounted flights and hotel stays.
While “happy consumption” dominated the purchasing trends, around 37% of the respondents said that they went for consumption upgrading focusing more on the quality of their purchases. About 36% of the youngsters who participated in Soul Zhang Lu’s survey chose to buy prudently and shunned unnecessary spending while around 30% admitted to consumption downgrading by opting for cost-effectiveness.
That said, as compared to 2023, consumer sentiment was more upbeat this year and the users of Soul Zhang Lu’s platform confirmed this when approximately 36% of them stated that they had increased their Single’s Day budget.
The primary impetus for this change was an upgrade in consumption needs along with improvements in personal economic status. Around 35% of the survey participants said that a shift in consumption mentality had led to an increase in Double 11 budgets.
When trying to understand the spending on “feel good” products, the team of Soul Zhang Lu found that nearly 30% of the participants had set aside half of their Double 11 budget for “happy consumption” while over 12% were content splurging their entire budget on such emotionally fulfilling purchases. Moreover, more than half of the survey respondents said that at least 30% of their shopping budget was reserved for “happy consumption”.
The researchers of Soul Zhang Lu also found a marked difference in the spending volume and trend of men versus women. Early on, some industry experts had predicted the rise of the so-called “He-economy” during this year’s Double 11.
Soul’s survey confirmed that their forecast was spot on. The government’s efforts to revitalize the economy by boosting consumption through subsidies had indeed paid off. According to the results of the study, men spent nearly 10% more than the fairer sex on their shopping sprees in 2024. On average male consumers splurged around 4800 RMB while women shelled out approximately 4300 RMB.
Because government subsidies were meant to bring in sales for sectors such as electronics, vehicles, and home appliances, purchases of such products soared as expected. But, these were certainly not the only items that had the attention of male shoppers.
According to Soul Zhang Lu’s team, many men were keen on lifestyle products such as medical aesthetics and skin care. In fact, 12.8% of men surveyed indicated that they planned to spend on personal grooming or aesthetic services, highlighting a significant shift in traditional spending norms.
Another notable observation of the survey was that social networking platforms like Soul and others played a key role in keeping the hype and excitement of Double 11 alive. The fact is that Gen Z shoppers rely heavily on social media not only to discover deals but also to share recommendations and get inspired by influencers.
In fact, Soul Zhang Lu’s team even hosted a series of “Double 11 guides” to help Zoomers make sense of the event. In a nutshell, social networking has turned Double 11 into more than just a shopping festival, it’s now a collaborative event where users bond over their shared experiences and this is likely to help Double 11 retain its importance in the future.
