INTHEBLACK December 2021 - Magazine - Page 35
Left: Crew at STO Express,
a China-based delivery
solutions provider, sort
through packages scheduled
for express delivery
following Singles’ Day sales.
Below: Halloween
spending reached
an all-time high of
US$10.14 billion
(A$13.9 billion)
this year, up from
US$8.9 billion
(A$12.2 billion) in
2020, according to
the US National
Retail Federation.
150 million shoppers hoping to get lastminute deals before Christmas,” she says.
PROS AND CONS
While he acknowledges the importance
of the holiday economy, Shivaji Das, a
partner at advisory and market research
firm Frost & Sullivan in Singapore, says
some critics believe there is a flip side
to the phenomenon.
“Of course, the good side is that people
are travelling and spending in retail,
accommodation and food outlets, but also
bear in mind that many offices are closed for
those holidays, many shops are closed and
many manufacturers shut down,” he says.
“Those business closures have an impact on
economic performance as well.”
Das says the underlying nature of a
country’s economy can determine whether
the activities of the holiday economy will
have a largely negative or positive effect.
Those with a strong services culture are likely
to benefit, while manufacturing-dependent
nations may suffer some adverse consequences.
“It depends a lot on the structure of the
economy and if they have been able to adjust
production schedules in advance.”
Nevertheless, Das says it is clear that
events such as Chinese New Year have
a significant stimulatory effect on the
holiday economy, as well as giving a boost
to travel in the region. His concern is that
COVID-19 could stymie such travel for
years to come.
L O V E A F FA I R
REKINDLED WITH
VA L E N T I N E ’ S D AY
Valentine’s Day may not be
an official holiday, but it does
pull at heart strings around
the world.
It generates revenue, too,
with the National Retail
Federation in the US
estimating that spending on
the day hit about US$21.8
billion (A$30 billion) in the
US alone in 2021.
In Australia, research from
customer engagement
platform Emarsys indicates
that the 14 February love-in is
on the rise again, but with a
twist, especially among those
in the 16-24 years age group.
“There are still those who
believe Valentine’s Day is a
sensationalised gimmick, but
we’re seeing millennials and
Gen Z celebrating it more, so
it’s making a comeback,” says
Adam Ioakim, managing
director APAC at Emarsys.
There is also a move
towards “self-gifting” and
celebrating platonic
relationships among the
younger set.
When it comes to favourite
gifts on Valentine’s Day,
chocolate is the most popular
gift (36 per cent), followed by
flowers (29 per cent), gadgets
and technology (16 per cent)
and underwear (14 per cent).
intheblack.com December 2021 35