"With Lunar New Year approaching next month, we look at the opportunities on the horizon for advertisers, as well as the challenges these bring about. As the holiday approaches, what should advertisers consider? In just over three weeks, China's Spring Festival, or Lunar New Year (LNY) celebrations will begin for more than a billion people across the APAC region. It's one of the global calendar's biggest holidays of heightened spending, with consumers directing money towards travel and gifts."
"Last year, the figures saw a serious expansion, with Chinese consumers hitting a new spending record for the season. Over 500 million trips were made within China during last year's eight-day travel season, according to the country's Ministry of Culture and Tourism, an increase of almost 6% from the previous year: in total, tourism spending surged by 7%. Consumers worldwide continue to face financial headwinds, but it looks like this year's spending could break records again."
Lunar New Year celebrations will begin in just over three weeks for more than a billion people across APAC. The holiday drives heightened spending, especially on travel and gifts, with last year setting new Chinese spending records. Over 500 million trips were made within China during the eight-day travel season and tourism spending rose about 7%. Consumer sentiment shows optimism in many APAC markets: over half of Thai consumers and 62% of Vietnamese expect to spend more, while only 31% of Singaporeans plan to increase spending and nearly six in ten plan to spend the same. The Fire Horse year symbolizes energy, passion, and transformation. Brands should prioritise consistent, long-term strategies over short-term promotions to capitalise on seasonal opportunities.
Read at Exchangewire
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