When 800 Singapore consumers were asked when they spend the most, the results unanimously pointed to the last quarter of the year (October — December). More than half (53.1%) of the consumers spend more money online than in-store during this period. Close to 30.0% split their expenditures evenly for both online and in-store purchases.
Apart from the usual year-end festivals like Christmas and New Year, retail events in Q4 are also fuelling consumers’ year-end shopping spend. In fact, the survey respondents spent a cumulative sum of S$313,710 over four particular days last year — Singles’ Day, Black Friday, Cyber Monday and 12.12. All four days are known for dealing out a slew of deals to encourage online shopping.
Despite the rising global popularity and awareness of Singles’ Day, it did not garner the highest participation or top monetary commitment from the surveyed population. Black Friday topped both categories.
Using Google AdWords Keyword Planner, ShopBack found that laptops and iPads were the top products that Singaporeans searched for during the lead-up to Black Friday in November 2016. The correlation of Black Friday with these higher priced products could explain the higher average expenditure.
Giving up brand familiarity and personal privacy for a good deal: Will you do it?
- Age: 31.1% in 21–30, 37.0% in 31–40, 21.0% in 41–50, 10.9% in others
- Gender: 67% Female, 33% Male
- Income: 33.0% less than S$3,000, 37.9% S$3,000 — S$5,000, 29.1% more than S$5,000
- Nationality: 87.0% Singaporeans, 13.0% PR and others