Chinese New Year Preview: Year of the Pig Celebrations to be Worth ¥1 Trillion to Retail as Digital Gifting and Traveling Continue to Go Big
Spring 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.
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