Wednesday, January 31, 2024
As China approaches the Year of the Dragon, the nation’s Spring Festival is setting the stage for a remarkable consumption upsurge. The world’s second-largest economy, which saw 5.2 percent GDP growth in 2023, is now unleashing its vast market potential. This development is not only bolstering the domestic economy but also significantly contributing to the global economic recovery.
According to He Yadong, a spokesperson for the commerce ministry, the national online Spring Festival shopping season began on January 18 and will continue throughout the holiday until February 17. This period marks the first major online activity to boost China’s consumption efforts in 2024, integrating online promotions across various localities, e-commerce platforms, and shops. Special emphasis is being placed on the Year of the Dragon, catering to relevant consumer activities.
Vipshop, a leading online discount retailer in China, reported a significant surge in sales since the shopping season’s commencement. For instance, the sales volume of China-chic clothing and sports sweaters themed around the Year of the Dragon soared by 120 percent and more than threefold, respectively, in the first week. Additionally, domestic brands like SNOWFLYING witnessed a 189 percent year-on-year increase in sales volume.
New consumption trends are emerging during this shopping season. Beijing is focusing on 3C products’ debut shows, while Shanghai emphasizes health-related consumption. Zhejiang Province is highlighting domestic trendy goods through events like an “intangible cultural heritage Lunar New Year’s shopping festival”.
Costco’s Shenzhen branch, which opened just before the Lunar New Year, attracted a massive crowd, with nearly 5,000 people visiting within the first hour and thousands more queuing outside. The store was fully prepared for the festival rush, featuring Year of the Dragon-themed goods and traditional festival items.
Improved logistics in China have made it easier for people to access a variety of goods. For instance, on a train departing from Qiqihar, passengers could purchase local specialty products. Initiatives like “cherry express” and “kiwi fruit flights” have facilitated quick delivery of fresh fruits to the Chinese market, boosting sales of foreign goods.
Service consumption is also gaining popularity, as seen in the high demand for Lunar New Year’s Eve dinners, with many restaurants already fully booked. This surge in consumption, both in goods and services, is expected to positively impact tourism as China’s cultural and commercial vibrancy attracts more visitors.
Saturday, April 27, 2024
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