Insight Report 6 minutes PremiumChinese New Year Preview: Year of the Pig Celebrations to be Worth ¥1 Trillion to Retail as Digital Gifting and Traveling Continue to Go Big Coresight Research January 22, 2019 Executive SummarySpring Festival, or the “Chinese New Year,” is a major spending period in China. In 2018, Chinese consumers spent ¥926 billion ($146 billion) shopping and dining out during the week-long holiday period, an increase of 10.2% compared to the 2017 holiday season, according to Ministry of Commerce statistics. These are our predictions for the Lunar New Year starting February 5, 2019 — the year of the pig: We expect total New Year Golden Week retail and food-service sales to reach approximately ¥1 trillion this year, up by around 8%. Spring Festival retail sales have risen steadily for more than a decade, but we see a slowing pace of growth in line with China’s slower pace of economic growth and mild economic uncertainty. Companies are already ramping up promotions on e-commerce platforms. Box office receipts will continue to grow. Digital gifting continues to go big. Traditions are shifting: more Chinese are opting to spend what was once one of the most important family holidays on the road, heading to domestic and international vacation spots. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: E-Commerce Outlook: US Department Stores—Digital Slows as Consumers Shop in StoresUS, UK, EU & China Quarterly Economic Update, 2Q23: Consumer Spending Growth Weakens in Many Countries Despite Easing InflationUS Consumer Tracker: Modest Valentine’s Day Spending LikelyMay 2023 Leading Indicators of US Retail Sales: Projecting Mid-Single-Digit Growth Amid Declining Consumer Sentiment