The new trading day of action comes from China. The country’s many unmarried people are to be consoled over their loneliness with special offers. German online retailers now also sense their chance of good pre-Christmas business.
We buy flowers for Valentine’s Day, get costumes, pumpkins and chewing candies for Halloween and go online bargain hunting on Black Friday. What works so well from the retailer’s point of view offers the opportunity for more: Numerous providers in Germany and other countries call on 11.11. with promotions and discounts for mega-shopping online – because November 11th is “Singles’ Day”.
The bouquet for Valentine’s Day supposedly invented the florists, the custom of giving something sweet on October 31st came from the United States several years ago. Black Friday is the day after the American Thanksgiving holiday, and then the Christmas business starts in the United States. “Singles’ Day” is a Chinese invention.
The online retailers in the People’s Republic introduced it as early as 2009 as a counterpart to the Day of Lovers. Because of the four ones in a row, they put it on 11/11. The country’s many unmarried people are supposed to be consoled over their loneliness with special offers, it is said. In China, the day in November is now the day with the highest turnover in online trading throughout the year.
Many German consumers are using campaigns on “Singles’ Day” for the first time
So there is a lot of upside potential – in Germany only around 13 percent of consumers know the day, as a survey published on Thursday by IFH Cologne in cooperation with Ebay Germany among 500 Internet users revealed. But at least 33 percent of those surveyed said that they would use discounts and promotions on “Singles’ Day” for the first time this year, and almost another 36 percent said that they could imagine doing so in the future.
“The day is good,” says Anna Werth, head of the marketplace KIX survey at the IFH. Six weeks before Christmas, consumers are more willing to spend, and retail sales are very high anyway.
The dealers who take part in “Singles’ Day” also do so to win new customers – at least the smaller, less well-known ones. A third of the around 200 online marketplace retailers surveyed by the IFH stated that, in their opinion, the importance of “Singles’ Day” will increase in the next five years.
Don’t be blinded by supposed bargains
In Germany there is strong competition on November 11th: The Catholic Church celebrates Martin’s Day – all over Germany children are walking through the streets with lanterns. And in the carnival strongholds, the new session will open at 11.11 a.m.
According to IFH expert Werth, retailers have no concerns: Martin’s day is a day for families, the carnival is regionally limited. And: “Consumers use discount campaigns regardless of the frequency of other campaigns,” she says.
Consumer advocates advise – as always with such actions – not to be dazzled and not to be carried away. “We recommend price search engines, at least two, for price comparison,” says the spokesman for the North Rhine-Westphalia consumer center, Georg Tryba. Samples show time and again that discounts are not as high as assumed. You would be given, for example, on the recommended retail price (RRP), which hardly any retailer adheres to.
Consumers should not be put under pressure by “small psychological tools” such as a clock that is running out or information about a limited quantity of the desired item. But if you think you have to strike immediately, you have a right of withdrawal, which is valid for at least 14 days. Many retailers also offer cancellation minutes or hours after the purchase, says Tryba. “So you can first buy without costs and consequences.”