Chinese New Year Consumptions

Guía traders.org @guia_traders

New Year is one of the most important dates for the Chinese economy. It is estimated that since 1990, people in China have one week off work only for New Year. According to China's Ministry of Commerce, people spend more than 820 billion yuan in shopping and dining during this time period. New Year in China and East Asia is celebrated on the first of february, the streets get full with parades, music and celebration with friends and family. Also, it is crucial to know that people start celebrating after the Winter Solstice: December 21rst.

(Chinese New Year Consumption, 2020)

For Chinese people, New Year is the most important celebration: each year is associated with one of the 12 animals in the Chinese Zodiac. This year, 2022, is the year of the Tiger. Family, as being one of the most important figures for Chinese culture, spend traveling, heading to their hometowns for family reunion. DADA Group (China's leading local on demand delivery, released the “Consumption Guidance During Chinese New Year 2022”, displaying data from their sales from January 7 to January 23. According to DADA, online orders placed from cities different from people´s hometown show that they increased 1.4 times compared with the same period last year, including products such as milk, potato chips and yogurt. Chongqing was the city that placed more online orders from other cities. Also, New Year has become a time to enjoy yourself, buying necessary things such as air fryers, toasters, electric ovens and coffee machines. Sales from these items increased more than 10 times over the last year. Chinese people also wanted to take care of their pets this year: Sales of pet clothing had a 10% YoY (Year Over Year) increase. Furthermore, the Beijing Olympic Winter Games took place, which increased the popularity of sports. Sales of tennis equipment increased 10 times, table tennis increased 6 times and sportswear 5 times. On the other hand, items such as cameras increased their sales, taking into account that family reunions, Polaroid cameras were sold 10 times more than last year. Chinese New Year Consumption is extremely visible. Stores are aware that they need to prepare and be open for the holidays.

Author: Georgina Alvarez Bruno

References:

Group, D. (2022). Dada Group Releases Consumption Trends in 2022 Chinese New Year. Retrieved 21 February 2022, from https://www.prnewswire.com/news-releases/dada-group-releases-consumption-trends-in-2022-chinese-new-year-301466433.html