Chinese Consumption Trends during 2021 Spring Festival Holiday
BY Shine HuFeb 20, 2021
As consumers are becoming more rational and picky, products with both cost-effectiveness and practical functions have become a key consideration for New Year's consumption. Affected by the “stay put” policy and the online shopping trend fueled by the epidemic, the age of the leading consumer groups for New Year’s goods this year has declined. The COVID-19 epidemic has accelerated the process of online and offline integration of the FMCG retail industry.

The Chinese Lunar New Year holiday has always played a crucial role in driving consumption. According to data from the Ministry of Commerce1, from New Year's Eve to the sixth day of the first lunar month (February 11 to 17, 2021), retail and catering companies achieved combined sales of 821 billion yuan, a year-on-year increase of 28.7% from 2020 and 4.9% from 2019.

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Shine Hu
ChemLinked Research Analyst
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