Singles Day is top shopping season with 139% sales growth
Singapore, Malaysia, and Thailand saw the largest spike in Southeast Asia.
Singles Day (11 November) became the top shopping season in Southeast Asia, garnering a 139% surge in overall sales, with Malaysians (214%) posting the largest spike in the region, according to a Criteo report.
Aside from Malaysians, Singaporeans (192%) and Thai (210%) also saw the largest surge in sales on Singles Day. The number of new shoppers grew by 335% on Singles Day, due to demand.
Meanwhile, Double Days, which was from August to December 2022, recorded a triple-digit increase in sales, compared to the average sales from 18 to 31 July 2022.
In addition, Black Friday has seen a 42% increase, compared to 17% in 2021. This is most significant in Singapore and Vietnam, with retailers from the latter receiving the sharpest growth by over 141%. The surge is most likely due to Black Friday coinciding with Vietnam’s Grand Sale 2022.
Other shopping events, like the 12.12 sale, saw an improvement of 112%.
With the surge in sales, retailers and brands in the region may find the potential to invest in stronger connections and wider experiences with customers. It is more crucial than ever, given the shifting shopping patterns, from the increase of online activity to the importance of convenience.
Shoppers are getting savvier about their choices. Thus, that should not give misplaced confidence in the busiest shopping seasons. Practical strategies, like new buyer opportunities, early planning, and engaging campaigns highlight that the best sources to invest are not only on the products and their quality but also on the buyers and their relationship with retailers.
“In the dynamic world of commerce, our insights from 2022's Double Days reveal a clear trend – seasonal sales are a marathon, not a sprint," Taranjeet Singh, Managing Director - Enterprise, APAC of Criteo, commented.
"By integrating data and technology, supply and demand, and online and offline realms, we empower brands to construct a comprehensive peak shopping season strategy that ensures an unparalleled multi-touchpoints customer journey,” Singh added.