“Delightful Use” Rises, More than 40% to Appreciate “Emotional Value” Via Investing.com
The report reveals a significant trend for 2024: the number of young people participating in Double 11 has seen another increase, with 90% actively participating. “Delightful consumption” has emerged as a dominant theme, capturing the hearts of more than 40% of people who now prioritize paying for “emotional value,” redefining the consumption habits of the new generation. In a shift in traditional narratives, the “He Economy” needs a new look, with men’s average spending budgets surpassing women’s during a dramatic shopping spree.
“The Longest Double 11 in History” and Perceived Fatigue: A Misconception
In the past, a search for “Double 11” on social media has brought up dozens of strategies and tactics, combined with cries of “Double 11 isn’t over yet.” Opened
How does Gen Z perceive this long marketing campaign? Are they too soaked or just tired? The study shows that 15.8% of young people expressed disgust, while 4.9% of Gen Z feel “tired” and 10.9% “slightly annoyed, worried sellers will go back on what they promised.”
In contrast, more than 80% of young people maintained a neutral or positive stance regarding “the longest Double 11.” 38% of those who mattered considered it “unimportant,” giving up their engagement after getting the things they wanted. An additional 15.8% stood in support, thanks to the absence of post-promotion FOMO (Fear of Missing Out).
Among the reports that “Double 11 is becoming more and more popular,” the study shows that compared to 2021 (81.3%) and 2023 (88.1%), the number of young people participating in Double 11 reached a high of 90.6% in 2024.
It is very surprising to note that only 10.3% of young people have recently come to Double 11, most of them have participated two or more times. Notably, 16.7% of Gen Z compete annually, and 10.6% have been a part of Double 11 events for more than ten years. This means that involvement in Double 11 has become an important part of youth culture.
When it comes to the battlefields of this event, Taobao/Tmall, Douyin, JD (NASDAQ:).com, and Pinduoduo (NASDAQ 🙂 were the preferred shopping platforms for the youth. “Big discounts that offer affordable prices” (39.9%), “seamless return/return process that eases worries” (39.9%), and “a wide range of products to buy” (34.9%) are the top three factors influencing Gen Z’s platform choice.
In addition, a resurgence of offline shopping is seen in 2024. During this Double 11 period, 37.1% of young people paid more attention to offline promotions, 44.3% balanced their offline and online spending and 14.5% spent offline more than online.
Downgrade or Upgrade? “Emotional Value” Took Center Stage
The results of the survey indicate that compared to 2023, 35.5% of young people have increased their Double 11 budget, which is very different from the 25.5% that have decreased. The main driver of budget changes is “changes in consumption needs” (42.5%), followed by “changes in personal economic situation” (40%) and “evolution in consumption psychology” (35.1%).
The consumption perspective of young people has undergone major changes, as “paying for emotional value” is emerging as the norm. In terms of consumption attitude, “enjoyable consumption, spending money for emotional benefit/interest” (40.1%) won the most votes, surpassing “enhancement of consumption, more focus on quality” (37.1%), “less consumption, no unnecessary costs” (36.9% ), and “use reduction, prioritizing cost effectiveness” (30.2%).
This explains the popularity of interactive toys like Jellycat and the variety of cultural and artistic products from different regions among the youth. This year’s spending on “pleasure spending”, related to travel such as booking flights and hotels (42.3%), consumption of games (38.9%), consumption of culture and entertainment such as music/comedy festivals (29.6%), culture and comedy blind box toys (27.7%) , and IP-related uses such as buying Chiikawa, butter bear name products (27.3%) are the leading categories.
At the time of Double 11, the amount of “using happiness” for young people is amazing. About 30% of young people had a “spend for happiness” rate of more than half, and 12.8% spent almost all of their Double 11 budget on “spend for fun.” In addition, 53% of respondents allocated more than 30% of their total Double 11 spending to “spending happiness.”
“He Economy” Gets a Boost: Men’s Budgets Are 11 Times More Than Women’s
The old joke that women, children, the elderly, and pets dominate the power spectrum, which brings men down, has been turned on its head. Research shows that by 2024, men’s Double 11 spending budget will exceed that of women, while men will be left behind.
This change may be due to the national consumption subsidy policy, which gives men the opportunity to increase their focus on products such as cars, household appliances, mobile phones, and digital products. 44.78% of men “ate as expected,” while 19.63% “exceeded their budget” during Double 11.
It is interesting that men’s interest in medical beauty is increasing. For example, 12.8% of men chose medical beauty in the category of “using pleasure.”
The report also highlights the growth of domestic products, especially in high-end sectors such as mobile phones and digital products.
In terms of product preference, almost 60% of young people chose home products in 2024. Especially in beauty and skin care, mobile phones, sports/outdoor products, home appliances, and toys, young people’s preference for home products has increased significantly – this and the top 5 areas show a clear growth trend compared to 2023.
The popularity of home beauty and skincare products increased from 24.8% in 2023 to 38.3% this year. Faster sales of home beauty products like Proya, which is over
