Pinduoduo Reveals China’s Rising “Single Economy” Amid Lunar New Year Season
With the Chinese Lunar New Year around the corner, China’s leading interactive e-commerce platform Pinduoduo (PDD) revealed several reports on consumers’ purchasing behaviors. To prevent another round of pandemic resurgence, China’s government called on citizens to stay at home this new year holiday. The rising number of single people in China have resorted to online shopping and spurred new consumption trends in recent days.
“The ‘single economy’ is the awakening of single people’s consumption awareness, which reflects their pursuit of a higher-quality life,” said Nielsen China’s President Justin Sargent.
On PDD’s platform, 240 million single people in China flocked to buy mini electronics. According to PDD, sales of mini rice cookers, mini washing machines, and micro-fridges reached over 10 million.
SEE ALSO: Pinduoduo Partners with Widely Watched TV Station to offer Double 11 Super Night Gala
In an interview with PDD, Mr. Wang described his experience living by himself and what types of mini electronics he used. Mr. Wang said he started his day with a mini microwave and pod coffee maker and used his mini rice cooker nearly every day when he came back from work.
The potential of the “single economy” is unprecedented. According to Nielsen’s “single economy” report released in 2020, single people are more willing to purchase high-quality products and usually have great purchasing power. Hence, it is vital for retailers to win this group over.
Per Nielsen’s report, about 41% of singles in China plan to purchase consumer electronics, higher than the 28% of non-singles in 2020. 50% of singles are willing to buy high-quality products despite the relatively high price, while about 43% of non-single consumers made the same choice. The report also shows single people are willing to pay to make their lives more convenient. About 52% of singles consume out of convenience and timesaving, higher than the 39% of non-singles.
Top products on PDD’s platform include mini electronics from home appliance giants like Supor, Joyoung, and Midea. “Even if I am single, I should treat my stomach well” became many mini home appliance brands’ slogan.
Besides the ubiquitous “holiday family pack” on e-commerce platforms during holiday seasons, PDD created a page called “best products for singles,” creating opportunities for this rising market.
