At a time when much is being said about retail being one of the industries hardest hit by COVID-19, the ever-expanding lifestyle retailer brand, MINISO, recently disclosed some data and consumer trends that may surprise many observers.
Insights gained from the analysis of more than 6 million transactions of 25 markets between 11/1 and 12/15 this year reveal some intriguing patterns in consumer behavior and purchasing tendencies.
In major markets like China, which is already well on the way to economic recovery from COVID-19, MINISO’s customers bought about 13% more festive gifts and other goodies by volume compared to last year. What’s even more surprising is that in countries like the US and Spain, both of which are still battling the pandemic, local consumers also bought around 15% more festive goods by volume than in the previous year. Among all 80+ countries where MINISO has a presence, Singapore performed the best in the sales growth of festive products, with a surge of 186.3% by volume year-on-year.
What’s worth bearing in mind is that 75% of MINISO’s products were sold at a lower unit price than in 2019, allowing customers to buy more with the same amount of money. Therefore, this year-on-year boost in transactions per consumer provides solid evidence of strengthening consumer demand.
MINISO’s online sales data echoed the central role of e-commerce in the pandemic. In China, during the hugely popular Double 11 shopping festival in November, MINISO’s online sales skyrocketed 352% as the number of active online consumers w increased 45% year-over-year. In Indonesia, the first international market where MINISO established its e-commerce channel, online sales soared 71% compared to last year.
Vincent Huang, MINISO’s Vice President of International Business Department sees a brighter future compared to most of his peers in the retail world. “All our sales digits send a very encouraging and important message – people still need to shop, especially for things that make them feel good, but they prefer to spend money more wisely, so they’re eager to buy better quality goods for less,” he said.
People from different geographies displayed variances in their purchase preferences. “Customers in North America tended to buy more hygiene and personal care products”, said Mr. Huang. “For example, the beauty tool sub-category of personal care products increased 57% in sales compared to last year. Snacks and Christmas-themed products are also the most popular right now.”
“Very different to North Americans, Europeans have developed a particular fondness for toys recently, especially plush toys. Plush dolls ranked as the No.1 best-selling category, especially those we make in collaboration with well-known brands. Europeans also spent much on sports products and pet products, with each accounting for 4% and 5% of total sales among our thousands of SKUs.”
“In China, toys are also the most popular products, with 30% more toys sold compared to last year, accounting for 3.6% of total sales. The other most desirable products for Chinese are snack foods and accessories, which both increased around 30% and now contribute to 26.7% of overall sales.”
Since MINISO’s NYSE listing in mid-October, it has opened over 100 stores in key markets such as Europe, China, and other parts of Asia.
