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Spring Festival Consumption In The Year Of The Rabbit Reveals The New Trend Of Economic Recovery!

2023/1/30 15:34:00 0

Spring Festival In The Year Of The Rabbit

   The 2023 Spring Festival, as the first Spring Festival since 2020 that no longer advocates "celebrating the New Year on the spot", the "homecoming tide" combined with the stimulus consumption policies introduced around the country, has made the Spring Festival of the Rabbit a strong year, popular, and the consumer market a "good start". It has delivered the most eye-catching report card in the past three years, demonstrating the potential and resilience of China's consumer market.
   When it comes to the Spring Festival this year, the most impressive thing is the crowded streets, and the whole country presents a prosperous scene of prosperity.
   According to the latest VAT invoice data of the State Administration of Taxation, the sales revenue of the national consumption related industries during the Spring Festival holiday this year (January 21-27) increased by 12.2% compared with the previous Spring Festival holiday. Among them, the consumption of goods and services increased by 10% and 13.5% respectively year on year, and the consumption of necessities, household upgrading goods, tourism services and other goods grew rapidly.
   Blooming everywhere, the Spring Festival of the Year of the Rabbit "exploded"
   Next, I summarized the Spring Festival consumption data of major cities (regions) in China, which can be described as "explosive" in one word, so that we can more intuitively feel the "rabbit" leap of the Spring Festival in the Year of the Rabbit.
   According to the consumption data released by the Beijing Municipal Bureau of Commerce during the Spring Festival, during the holiday, the passenger flow of Daxing Airport Business District, Qianmen Dashilan Business District and Xihongmen Business District increased by 99.5%, 45.1% and 31% respectively year on year. It is worth noting that the first store accelerated its landing to stimulate new consumption momentum, among which Beijing SKP's DT51 has settled in more than 20 national first brands; Chaopai collection store 33 Trente Trois, the first store in China, appeared in Beijing Chaoyang Heshenghui.
   According to the monitoring of the consumer market big data laboratory (Shanghai), during the Spring Festival (January 20-26), the amount of offline consumption payment in Shanghai was 32.3 billion yuan, a significant increase of 11.8 percentage points from the month before the festival; The amount of online consumption payment was 19.8 billion yuan, up 9.4% over the same period of last year's lunar calendar. The total offline passenger flow of 36 business districts in Shanghai has reached 29.14 million person times, and the top three business districts in terms of consumption amount are Nanjing West Road, Nanjing East Road and Lujiazui.
   From January 21 to 27, Beijing Road Pedestrian Street in Guangzhou accumulated 3.43 million people during the Spring Festival, an increase of 38% compared with last year's Spring Festival, with an estimated total turnover of 345 million yuan, up 19.4% year on year. During the Spring Festival, the shopping mall passenger flow of Zhengjia Plaza showed a double-digit growth year on year, and the passenger flow on the first day of the year increased by 25% year on year.
   During the Spring Festival, the passenger flow and turnover of Shenzhen's key monitored business districts increased by 27% and 21% respectively year on year.
   According to the monitoring statistics of Hangzhou Municipal Bureau of Commerce, during the Spring Festival (January 20-26), the city's total consumption amount was 14.997 billion yuan, an increase of 21.6% year on year in 2022 and 61% year on year in 2019. The consumption market of the Spring Festival presents the characteristics of "strong atmosphere of the Spring Festival, wonderful promotional activities, and strong recovery of consumption". According to the monitoring, the revenue of 25 large malls was 732 million yuan, with a year-on-year growth of 36.2%, of which the growth rates of Hangzhou Tower and Hubin Yintai in77 core malls were as high as 86.7% and 77.2% respectively.
   According to the data of Chengdu Retailers Association, from January 21 to 27, the passenger flow of 30 key commercial and retail enterprises in Chengdu reached 12.4651 million person times, up 5.66% year on year; Commodity sales reached 1.174 billion yuan, up 5.92% year on year. During the Spring Festival, 18 department stores and shopping centers, including MIXC, Yintai Center in99, Wangfujing Department Store, Renhe New Town, had 3.4787 million person times of visitors, up 5.31% year on year, and achieved sales of 442 million yuan, up 4.04% year on year. Among them, gold jewelry, clothing, home electronics and digital products became best sellers.
   According to the smart street data platform of Wuhan Jianghan Road Pedestrian Street Comprehensive Service Center, during the Spring Festival, the cumulative passenger flow of the street is expected to reach 1.56 million person times, an increase of 93% over the 2022 Spring Festival. Among them, local tourists in Wuhan accounted for 85%, and young people aged 18-30 accounted for nearly half.
   During the Spring Festival holiday, 302 retail and catering enterprises monitored by the Department of Commerce of Henan Province achieved sales of 2.787 billion yuan, up 15.7% year on year. Zhengzhou Dennis David City has an average daily passenger flow of 120000 people, and Xuchang Pangdong has an average daily passenger flow of 100000 people to Angel City.
   According to the monitoring data of Shaanxi Provincial Department of Commerce on 570 retail and catering sample enterprises in the province, the sales of the monitored enterprises during the Spring Festival were 1.35 billion yuan, up 6.2% year on year; The retail sales of 404 retail sample enterprises reached 1.25 billion yuan, up 4.1% year on year. During the Spring Festival, there were 2.952 million passengers in 10 key commercial and trade complexes, including Xi'an Kaiyuan Shopping Mall, SKP, Old Chenggen, SEG Shopping Center, Golden Eagle International, with a year-on-year growth of 46.7%.
   According to the relevant statistics of Shenyang Municipal Bureau of Commerce, the cumulative sales of 12 key shopping malls and supermarkets sampled and monitored as of January 26 during the Spring Festival were 194 million yuan, up 17.3% year on year.
   Each major business district, the Eight Immortals cross the sea to show their magic
   Spring Festival consumption, major business districts become the focus of power. Alipay data shows that Hangzhou Hubin Yintai in77, Hangzhou Wulin Business District, Changsha Wuyi Square, Changsha Pozi Street, Xiamen Zhongshan Road Zhonghua City, Changsha Duzheng Street, Chongqing Jiefangbei, Chongqing Shancheng Lane, Nanjing Confucius Temple, Nanjing Xinjiekou and other well-known business districts are unusually hot, and the consumption growth rate ranks among the top ten in China.
   Now let's take a look at how each major business district has come up with their own clever ideas to activate consumption?
   The major business districts in Hangzhou actively organized various consumption activities. Taking the Wulin business district as an example, during the Spring Festival, they brought wonderful fireworks shows to the general public in Wulin Square; Intime Department Store launched hard core preferential measures such as small bills for money and five lucky coupons in the new spring, which has driven the sales of clothing, cosmetics and other goods.
   There were long lines in front of the Taikoo Hui luxury goods counter in Guangzhou. Take the third to fifth day of the new year as an example, Chanel and LV stores are the most popular, followed by Hermes, Gucci and Prada stores also set up "queuing areas". Mr. Chen, a citizen, said that from the first day of the new year to the third day of the new year, he would go shopping and eat in the shopping malls in Tianhe area, and drive into the parking lot for about 40 minutes. He laughed and said, "The number of people is too large to be popular.".
   "Wear new clothes for the New Year", Grandbuy launched the New Year red fashion clothing series, including red sweaters, children's New Year clothes, red underwear, etc., which drove the sales of clothing to exceed 50 million yuan. Various fashionable clothes of Guangzhou Friendship are also popular, with the year-on-year increase of 65% in boutique clothing, especially women's clothing, and the sales of many counters doubled on the first day of the New Year. In addition, the sales of cold proof and thermal insulation products increased by 20% year on year. People in the department store industry said that taking advantage of the cooling opportunity, down, cashmere, sportswear, thermal underwear and other categories were boosted.
   In addition, consumption promotion activities in various regions were launched at the same time, and a multi pronged approach was taken to build a prosperous scene.
   During the Spring Festival, several digital RMB pilot areas combined digital RMB promotion with "expanding domestic demand". According to incomplete statistics, more than 10 pilot areas, including Beijing, Hangzhou, Shenzhen and Jinan, have carried out the issuance of "digital RMB consumption vouchers".
   Since January 18, Jinan has issued digital RMB consumption vouchers for the first time, all of which are retail, accommodation and catering. There are three kinds of denominations, namely, 60 yuan for 200 yuan, 30 yuan for 100 yuan and 10 yuan for 50 yuan.
   Ningbo also stepped up efforts to issue exclusive consumption vouchers for the Spring Festival. In January, the amount issued increased to 600 million yuan on the basis of the first 200 million yuan. At present, 120 million yuan has been written off, and 1.234 billion yuan of sales has been boosted. Real gold and silver are used to stimulate market vitality and accelerate the release of residents' consumption potential.
   Anhui organized and carried out more than 400 series activities of "Huidong consumption welcomes the New Year" in the way of combining online and offline activities, and issued nearly 40 million yuan of consumption vouchers in total, accelerating the recovery of the consumer market. From the perspective of market monitoring, during the Spring Festival, the supply of consumer markets across the province was sufficient and prices were stable, especially the sales of shopping centers increased significantly.
   Up to now, the number of merchants opening digital RMB is still expanding. By the end of the Spring Festival, the sub wallet on the digital RMB app has supported more than 90 merchant platforms such as Meituan, JD, Taobao, Yitong, Enlime, Tmall Supermarket, Ctrip, Shunfeng, and Fasthand to receive digital RMB, covering many scenes such as eating, drinking, entertainment, clothing, housing, and transportation.
   Read consumption trends through Spring Festival data
   The Spring Festival consumption data is not only a "shot in the arm" to boost the market, but also a keen and objective reflection of various changes in consumption trends.
   From a regional perspective, the consumer markets around the country showed strong vitality during the Spring Festival. JD's sales showed that as of January 26, Guangdong, Jiangsu, Beijing, Sichuan and Shandong provinces accounted for the highest proportion of turnover during the 2023 Spring Festival.
   At the same time, some short distance travel demands cultivated by consumers during the epidemic period still exist, and many people choose to carry out skiing, camping and other near outings. According to the New Year Goods Trend Report, the total amount of camping transactions increased by 134.5% year on year.
   During the "New Year Goods Festival" this year, the search volume of Tmall supermarket's cat bags increased by 60% month on month. To celebrate the New Year with pets, pet New Year's Eve meal, pet washing supplies and new pet clothes are also essential. The sales of pet New Year's Eve meal in Tmall Supermarket increased by 20% year on year, and the sales of New Year's clothing increased by 50% year on year.
   It is also worth mentioning that the low-end market has become the highlight of consumption during the Spring Festival this year. Alipay's 2023 Spring Festival Holiday Consumption Trend shows that the consumption of the low-end market during the Spring Festival shows a strong growth force. The turnover of the low-end market has increased year by year in the past three years. Compared with the 2021 Spring Festival, the turnover of the 4-6 markets in 2023 has increased by 10%.
   Alipay data also shows that the consumption amount of third tier and lower tier cities increased by nearly 20% compared with last year's Spring Festival, more than that of first tier and second tier cities.
   JD data further shows that during the Spring Festival in 2023, the per customer price of consumers in the low-end market has significantly increased. On the one hand, young people working in the city returned to their hometown for the Spring Festival, driving the consumption capacity of their hometown; On the other hand, the sinking of e-commerce channels and the improvement of infrastructure have enabled more and more township users to enjoy the convenience services of e-commerce anytime and anywhere during the holiday season, further driving the consumption growth of the low-end market.
   Consumers in different line markets also buy different goods online during the Spring Festival. JD's sales show that during the Spring Festival, consumers in the high-end market prefer to buy fresh, fresh flowers, and pet life products, while consumers in the low-end market prefer to buy mobile communications, household appliances, and home decoration building materials. This further reflects that young people who work in cities can drive their relatives to enjoy high-quality goods and convenient services of e-commerce anytime and anywhere after returning to their hometown.

   The Central Economic Work Conference pointed out that recovery and expansion of consumption should be given priority. The sales volume of supermarket enterprises has risen steadily, urban business districts and town fairs are again crowded, and the full "shopping cart" of the Spring Festival reflects the great potential and vitality of the domestic consumer market, showing the bright prospects of China's economy. The consumer market will continue to recover this year, and the future is expected.

   Dong Xiaoyan Guan Yunhe

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