Marketing Trends in the Chinese New Year 2022
It would be easy to think that with such a massive population that Chinese New Year would be overwhelming dominated by the Chinese domestic market. And although the 1.4 billion population carries a lot of heft, it would be remiss to conclude that the holiday is only celebrated in China. If fact, the Chinese New Year is remembered throughout the entire world with the Chinese, emigrants, Chinese descendants, and other friends, making it a truly global holiday. Due to the sheer numbers, companies and marketing departments can hardly choose to ignore this time of the year.
The ongoing pandemic has surely shaped this year’s holidays without a doubt. And although restrictions on travel do remain in place, many consumers went out their way to spend during this period. Generally, people look forward to the Chinese New Year in order to travel, but this year many have stayed local and celebrated there. A major trend that has continued from last is that consumers have spent money in geographies close to them and online. This bodes well for e-commerce providers, and they continued to see strong growth over the period.
A trend that we see continue to expand is a shift in spending demographics. More and more Millennials and Gen Z are gaining in terms of purchasing. As their incomes continue to increase, these cohorts are starting to outspend other previous generations. Younger generations tend to like items related to health and self-care. Products such as food, beverages, beauty items, massage equipment, etc., have continued to see high interest during the Chinese New Year holidays. These younger demographics are also completely fine with remote gifting as well. Buying something online and having it shipped to a loved one is for many their first inclination.
Pets are also becoming recipients. With many people staying home over the holidays, there is no better time to get your pet dog or cat in on the action. If fact, “if you are going to be home you might as well” tends to be the thinking. Pet food, clothing, furniture, and other related items come up top on the list for gifts. With remote work becoming more and more common every day, being able to take care of a pet becomes more possible. And with that, the growing trend to gift your pet looks to get stronger.