Bain: More than half of the respondents planned to go shopping on 3 or more platforms this year

Beijing News Shell Financial News (reporter Chen Weicheng) after the investigation of nearly 3,000 consumers in many parts of the country. On October 27, Bain & Company released "China Retail: Redefining the Success Criteria for Singles' Day", showing that 52% of respondents plan to increase consumer spending this year; more than 50% of respondents plan to go shopping on 3 or more platforms this year.

According to the report, as many as 95% of respondents intend to participate in this year's "Double Eleven" event. 52% of respondents plan to increase consumer spending this year (respondents spent an average of 2104 yuan on "Double Eleven" last year), and only 8% said they would reduce spending.

Bain believes that last year's main trend is expected to continue, driving turnover growth this year. For example, the penetration rate of lower-tier cities is expected to continue to increase, and the number of consumers participating in "Double Eleven" for the first time in third- and fifth-tier cities this year may exceed that of first- and second-tier cities.

Consumer spending in the health care category, which has grown strongly due to the impact of the epidemic, is also likely to continue the growth trend this year, especially in the cosmetics and personal care categories. Overall, more than 70% of respondents expressed a strong preference for brands they are familiar with, and 60% of respondents preferred cost-effective brands.

In recent years, as retailers have entered the market, the number of participating platforms has been increasing, making sales gradually decentralized and competition more and more intense. According to the report, more than 50% of respondents said they plan to go to 3 or more platforms this year, and nearly 80% of respondents want to get a bigger offer than last year.

Zheng Shuohuai, global partner at Bain & Company and chairman of the retail business in Greater China, said, "Many consumers don't mind changing retailers on Singles' Day. For them, the Singles' offer didn't keep them loyal to a single platform. They have too many options and plenty of room to shop around. Retailers can't be indifferent to consumer demand, but offers alone can't guarantee winning under the new rules of the game. ”

"Consumers are no longer limited to simple reasons like 'here's how it sells cheaply,' laying the groundwork for retailers to build a more lasting differentiator." Yang Dakun, a global partner at Bain & Company, pointed out that retailers need to find firm core users through in-depth mining, and these "pure fans" are the basis for re-establishing the advantages of differentiation strategy.

Beijing News shell financial reporter Chen Weicheng Editor Song Yuting proofread Wang Xin