The Chinese New Year, also known as Lunar New Year or Spring Festival is a vibrant celebration that resonates deeply the globe, particularly in Asia. This festive occasion, characterized by themes of renewal, prosperity, and togetherness, offers businesses a unique opportunity to engage with consumers and boost sales.
In the Philippines, where the Filipino-Chinese community significantly contributes to the economy, Chinese New Year is celebrated with enthusiasm and cultural flair. The holiday is a cornerstone of cultural identity, marked by family reunions, ancestral veneration, and joyous festivities. The community enjoys lion and dragon dances, firecracker displays, and red envelope exchanges that infuse vibrant energy into the celebrations.
Businesses recognize Chinese New Year’s economic potential, tailoring marketing campaigns and offerings to cater to consumers’ interest. And with over 2 billion observing this holiday across the globe – this means big numbers and big business.
Recognizing the economic potential of this holiday, businesses tailor marketing campaigns and offerings to align with consumer interests. With over 2 billion people observing this holiday worldwide, the opportunities for growth are substantial. In China, online retail sales during the 2024 New Year period reached CNY800 billion (US$112.4 billion), reflecting a nearly 9% increase from 2023. Domestic tourism also surged, with 474 million trips taken—up 34.3% from the previous year. Chinese millennials are driving online consumption, accounting for 60% of total income and expected to spend more than other generations across various categories. A McKinsey report indicates that 60% of Chinese consumers use audio and video streaming platforms daily, spending an average of two hours on short-video platforms. Notably, about one-third of consumers say short videos and social media significantly influence their purchasing decisions.
Meanwhile in the Philippines, there were 86.75 million active social media user identities in January 2024; indicating a vast consumer market ripe for online engagement. This growing digital landscape presents significant opportunities for businesses to tap into an expanding e-commerce sector. The Philippine e-commerce market is projected to surge by 19.6% in 2024, reaching approximately PHP 1.3 trillion (about US$24.1 billion) due to increasing consumer preference for online shopping and robust internet penetration. With a compound annual growth rate (CAGR) of 13.2% expected from 2024 to 2028, the market is anticipated to reach PHP 2.2 trillion (USD 39.5 billion) by 2028.
A young, tech-savvy population is driving this growth, with over 80% of internet users accessing the web through mobile devices, making mobile commerce a significant factor in the rapid expansion of online shopping. Social media platforms like TikTok are emerging as key players in e-commerce, influencing purchasing decisions and providing new avenues for brands to connect with consumers
Yes, you should run a Chinese New Year marketing campaign
There’s always beauty in running holiday marketing campaigns. Holiday marketing campaigns capture the festive spirit while providing an opportunity to connect with consumers on a deeper level. By tapping into the cultural significance of Chinese New Year, businesses can create memorable experiences that resonate with their audience.
Here are effective strategies for businesses—from micro to major brands—to stand out and boost sales this Chinese New Year (and any other holiday):
• Offer Limited-Edition Items: Adapt your products to reflect the event’s theme. Consider incorporating symbols like dragons, lanterns, oranges, and snakes into your offerings.
• Create Chinese Zodiac Content: Engage customers with interactive content such as blog posts or quizzes based on zodiac signs.
• Decorate Your Store or Website: Use festive elements like red and gold decorations along with traditional symbols to attract customers. Ensure your website design is mobile-friendly and easy to navigate.
• Launch a Countdown to Chinese New Year: Build excitement by creating a countdown that encourages early purchases through daily deals or exclusive content.
• Support a Charity: Partnering with a relevant charity aligns with the spirit of generosity during this season. Share stories about how purchases support charitable causes to foster customer loyalty.
Chinese New Year presents significant opportunities for businesses willing to tap into new markets during this festive season. However, it’s essential to approach this time with respect and understanding rather than viewing it solely as a profit-making opportunity.
Conduct thorough research to understand the history, customs, and significance of the season. Misrepresentation can harm your brand’s reputation; ensure that any motifs used are relevant and respectful. Localize your content by avoiding generic messages and tailoring communications for local audiences to honor cultural nuances. Include diverse voices in your content planning to enrich perspectives.
Here’s to a prosperous Lunar New Year!
