With the rising trend of digitalization and the rapid growing economy in China, these Chinese traditions have also seen quite some shifts, especially in the realm of retail and entertainments, subsequently the way how Chinese are celebrating the Spring Festival now.
Gifts are practiced widely around East Asia for the Chinese New Year. Therefore the retail sales of traditional presents like FMCG usually get a boost during such times. For example, among all traditional festivals in China, almost all of Chinese high net worth individuals would give presents in Chinese new year, indicating the most willingness of HNWI to spend in the Spring festival. In terms of entertainment, going to the cinema has become more and more popular in the last few years as a way to celebrate the festival, which was showed by the constantly growing revenue of the box office revenue. Alongside with the popularity of e-commerce in China, the penetration rate of purchasing through online platform 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 traditionally enjoy a skyrocketed growth for the long holiday, for both international and domestic travel, which is also famously known as the biggest annual human migration. Despite the boom in prices in such times, Chinese are still keen for leaving the country, or just a get-away weekend. In Spring Festival 2018, the favourite international destination for high end Chinese travellers was Australia, while their favourite domestic destination would be their hometown.