Black Friday and Cyber Monday: Tech helps consumers to keep spending
- 13 December 2023 (5 min read)
Cyber Week, the post-Thanksgiving period of mass retail discounts - which includes Black Friday and Cyber Monday - remained resilient in 2023, as hordes of shoppers sought out bargains.1
- U291cmNlIGZvciBnbG9iYWwgQ3liZXIgV2VlayBmaWd1cmVzIGluY2x1ZGluZyBCbGFjayBGcmlkYXkgYW5kIEN5YmVyIE1vbmRheSBzYWxlcyBncm93dGg6IFNhbGVzZm9yY2UsIDI4IE5vdmVtYmVyIDIwMjM=
Tech supports sales growth
AI helped drive sales growth - $51bn of Black Friday and Cyber Monday spending was influenced by AI via targeted offers, product recommendations and generative AI chat services. A record 79% of Cyber Week e-commerce traffic came via mobile phones, up from 76% in 20222 .
80% of internet users worldwide made online purchases in 2022, up 8.3% from 20213
. E-commerce is expected to make up 41% of global retail sales by 2027, up from 18% in 20174
.
- Jm5ic3A7
- RGF0YVJlcG9ydGFsLmNvbSwgMjYgSmFudWFyeSAyMDIz
- QkNHLCAzMSBPY3RvYmVyIDIwMjM=
|
|
| |
|
Singles Day: China's biggest shopping event
Meanwhile in China, Singles Day sales continued to rise despite a sluggish economic backdrop.
Singles Day originated in 1993 in China in response to Valentine's Day as a celebration of being single. It is known as the 'Double 11' shopping festival and takes place on 11 November.
Gross merchandising volume sales across major e-commerce platforms over the Singles Day sales period was estimated to have risen to $156bn in 2023, up 2.1% on the year before.7
More than 5.26bn packages were delivered by China’s state postal service across the 11-day shopping holiday.8
- QWRvYmUsIDI4IE5vdmVtYmVyIDIwMjMgLyBBZG9iZSwgMzAgTm92ZW1iZXIgMjAyMg==
- QWRvYmUsIDI4IE5vdmVtYmVyIDIwMjMgLyBBZG9iZSwgMzAgTm92ZW1iZXIgMjAyMg==
- U2Vuc29ybWF0aWMgU29sdXRpb25zLCAyNSBOb3ZlbWJlciAyMDIz
- Rm9ydHVuZSwgMTIgTm92ZW1iZXIgMjAyMw==
- Q2hpbmEgRGFpbHksIDEyIE5vdmVtYmVyIDIwMjM=
Technology, including mobile phones and more recently artificial intelligence, is helping boost e-commerce growth, making it easier for retailers to reach and market to customers.
Jeremy Gleeson, CFA
Portfolio manager, AXA Investment Managers
Disclaimer
This website is published by AXA Investment Managers Asia (Singapore) Ltd. (Registration No. 199001714W) for general circulation and informational purposes only. It does not constitute investment research or financial analysis relating to transactions in financial instruments, nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities. It has been prepared without taking into account the specific personal circumstances, investment objectives, financial situation or particular needs of any particular person and may be subject to change without notice. Please consult your financial or other professional advisers before making any investment decision.
Due to its simplification, this publication is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this publication is provided based on our state of knowledge at the time of creation of this publication. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.
All investment involves risk, including the loss of capital. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Past performance is not necessarily indicative of future performance.
Some of the Services and/or products may not be available for offer to retail investors.
This publication has not been reviewed by the Monetary Authority of Singapore.