In fact, the festival has a long history tracing back to ancient China times. One unique tradition is giving red pockets (hongbao). It is a common practice that elder married couples put money in red envelopes as a gift of blessing to younger unmarried relatives. As China is gearing up to become one of the mobile-first economies, more Chinese people have opted for the convenient virtual hongbao.
Undoubtedly, the Spring Festival is a golden season for media and e-commerce industries. In 2020, over 100 million smart TVs were actively in operation during the week of the Lunar New Year, when a majority of the users turned on their smart TV for over six hours. Chinese mobile users also spent a lot of time in entertainment apps, particularly short videos and streaming. Cinema visits have also become more and more popular in the last few years as a way to celebrate the festival, which is reflected by the constant growth of the box office revenue. On the other side, many Chinese e-commerce companies have scoped out the market potentials during the Spring Festival. The penetration rate of online shopping on platforms like T-mall or Taobao in the Chinese New Year is also rather high, especially in the urban area.
Apart from the retail and entertainment industry, tourism is an industry which typically enjoys a skyrocketed growth for the long holiday, for both international and domestic travel. Despite the boom in prices in such times, Chinese consumers are still keen on leaving the country, even just for a get-away weekend. In Spring Festival 2018, the favorite international destination for high-end Chinese travelers was Australia, while their top domestic destination would be their hometown.