experienced a surge in consumer spending and travel activity during the Chinese New Year festivities.
With a burgeoning consumer base, Chinese shoppers are significantly influencing global luxury sales while simultaneously driving innovation and demand in multiple sectors.
Here are some key elements and updates of the consumer spending trends:
- During China’s peak travel season, known as Chunyun 春运, , travelers embarked on 474 million domestic trips, marking a notable increase of 34.3% compared to the previous year. 🌸
- According to Alipay+, during CNY 2024, Chinese tourists’ spending on F&B increased 70% compared to 2019, and combined consumer spending in Thailand, Malaysia, and Singapore increased by 580%; the total spending by Chinese tourists using Alipay overseas increased by 140% 💶
- Chinese tourism is likely to keep growing, with estimates indicating that there could be 140 million outbound trips by 2024, according to the China Tourism Academy. ✈️
- High-end brands leveraged Tmall’s AI tools to share gifts and exclusive Lunar New Year offers with users, in fact, luxury consumers accounted for nearly 25% of global luxury consumptions in 2023, forecasted to grow in the upcoming years. 🛍
- Referred to as “Self treatment,” by Tmall shoppers, the beauty and health market is gaining attraction by Chinese consumers, emerging as a top-selling and trending industry; trending now, China’s anti-aging market size is expected to reach US$15.02 billion by 2024. In specific, anti-aging, eye care and facial masks products, have seen growth across e-commerce platforms and social media commerce like Taobao, Tmall, Douyin. 💄
- China will moreover become the largest winter sports market, with forecasted participation to reach 50 million people by 2025 with 1,000 ski resorts to be open by 2030 🎿
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