Not to be outdone by the record sales achieved on Singles Day, Worldpay, a global leader in payments, is predicting that Black Friday and Cyber Monday mania will continue this year, but with a wider range of businesses expected to get in on the online action.
Although the shopping event has traditionally been the realm of US retailers, the shopping event grew by 29% in Asia Pacific last year.
Despite forking out $17.8bn on China Singles Day, Chinese consumers were still hunting Black Friday bargains, with overall spending on the day up by 37% compared to the previous year. The event is also growing fast in Singapore and Hong Kong, at a rate of 21% and 32% respectively.
While retailers are among the biggest Black Friday winners, new data from the payments processor suggests this year could also be a great opportunity for savvy APAC businesses in the travel and digital sectors. In Singapore, spending with travel & airlines was up 20% compared to 2015. And in Hong Kong, travel and airlines saw a 30%surge, with eager travellers jumping online to search for great flight and hotel deals.
Shoppers are also increasingly seeking out bargains for digital content such as subscriptions, e-books, and on-demand box sets, with Black Friday spending in this sector experiencing year on year growth of 62% in Hong Kong and 14% in Singapore.
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