Luxury rings in Chinese New Year with gifting ideas, festive activities
Madison Avenue BID Lunar New Year Celebration 2016 – photo by Andrew Werner
Ahead of Lunar New Year on Jan. 28, luxury retailers are looking to woo Chinese travelers with culturally-inspired campaigns and specially designed collections.
In honor of the Year of the Rooster, interpretations of the cockerel abound, decorating everything from handbags to jackets. Chinese consumers today may be spending more at home than abroad, but this year?s celebration is expected to break records for the number of China residents traveling outside of the country, giving retailers an audience of international customers during the holiday.
“Chinese New Year still holds significant importance for retailers and luxury brands,” said Brian Buchwald, CEO of Bomoda, a consumer intelligence company focused on the Chinese outbound consumer. “Chinese consumers, as the greatest global travelers and spenders, spend money in three ways for the holidays. “First, as they travel internationally or within China they are apt to take advantage of discounts, promotions and specialty products timed for the holiday,” he said. “Second, as family members return home they will often bring gifts with them for their family.
“And lastly, many people are flush with cash due to the gifting of red envelopes ? especially virtual envelopes on WeChat and Alibaba. Like any young set of people coming into money, discretionary purchases are an enticing attraction.”
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