As Sales Season Begins, PriceSpy Research Reveals 4 In 10 Kiwis ‘feel Pressured Into Buying Things During Flash Sales’
With the world’s largest sale day just around the corner, brand new PriceSpy research* reveals more than 40 per cent of people feel pressured into buying things during flash sales.
Singles' Day is a Chinese shopping day that originated as an unofficial holiday for bachelors. It’s also known as an ‘anti-Valentine’s Day’. The date was chosen because it includes all ones (11/11) as a nod to the ‘single’ element.
And as Singles’ Day - the first of the big sales events - approaches, research* from the fully impartial price and product comparison site reveals just over two thirds (67 per cent) of survey respondents still haven’t heard of this particular sales day, despite it being the ‘single biggest retail event on the planet’, breaking all records and generating $38.4 billion (USD) in 2019.
However, even though Singles’ Day isn’t as big in New Zealand as some of the other sales days (Black Friday and Cyber Monday), overall awareness appears to be slowly growing, up six per cent since last year (33 per cent vs 28 per cent)*.
But despite the hype and marketing around Singles’ Day, are New Zealanders really going to get some good bargains? Or are those feeling the pressure to make a purchase right to be cautious? According to PriceSpy, the answer to both questions is ‘yes’.
Compared to a normal day, PriceSpy’s Price Index** revealed there was a total price drop of just -0.42 per cent across all products listed on its website on Singles Day 2019***. One-tenth (13 per cent) of all products were discounted on Singles’ Day 2019, but a third (32 per cent) of all products actually increased in price.
Liisa Matinvesi-Bassett, New Zealand country manager for PriceSpy, says: “According to our data from Singles’ Day last year, disappointingly, there were more price hikes than price drops for shoppers.
“One reason for this may be that shops are saving their bigger discounts for Black Friday, as last year purchase interest (clicks received) was found to be three times higher on Black Friday compared to Singles’ Day****.
“Dropping prices too much ahead of Black Friday would mean retailers wouldn’t be able to offer as attractive discounts on a day when New Zealanders are more likely to shop. But as people’s interest for Singles’ Day in New Zealand continues to grow, this may change in the years to come.”
However, there were still some good deals on Singles’ Day last year. When PriceSpy looked at the products that dropped at least 10 per cent in price, the average discount offered was just over 20 per cent.
Liisa continues: “Although many Kiwis may feel pressured to buy during these big sales events, it’s really important to alleviate some of these stresses and not panic or rush buy.
“Instead, before you head to the checkout in-store or click on the all-important ‘buy’ button, have a look at the PriceSpy website or app to check you’re always getting the best deal.
“And if you find the product you’re looking to purchase has increased in price or isn’t offering a discount, simply set up a price alert and this will automatically tell you when the price drops below a certain point.
“Shoppers who take some extra time to conduct price and product research are most likely to secure a bargain in the sales and avoid paying over the odds.”
Here are PriceSpy’s top predictions on most popular products and categories this Singles’ Day:
Most popular shopping categories
2. Phones & GPS
Most popular product categories
Most popular products
Liisa concludes: “Tech looks set to be the thing most shoppers will be hoping to pick up at a bargain price on Singles’ Day this year – and to help them achieve this, we strongly recommend they do their price research ahead of time.”