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Coresight Bites: Chinese New Year 2021—Retail Sales See Impressive Year-Over-Year Growth Against Weak 2020

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  • The Chinese government encouraged people to stay put for the recent Chinese New Year festival, impacting more than 100 million people who would typically return home for the holiday each year.
  • Chinese New Year 2020 was turbulent, with most retail and food-service businesses affected by the outbreak of Covid-19. In 2021, retail and food-service sales over Chinese New Year grew 28.7% year over year—but this spending was still much lower than during the holiday in 2019, when all activities (such as retail and travel) were operating as normal and at full capacity.
  • Read our separate report on strategies for international brands to capitalize on Chinese New Year.

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