When China celebrates Lunar New Year, how does the rest of the world clearly benefit?
The Chinese New Year is an annual tradition and event wherein family reunites and welcome together the new year. But as China progresses, wealthy Chinese people travel or migrates outside the Chinese state which means business for global retailers.
For Westerners, traditional shopping season usually fall from Thanksgiving to Christmas holidays but, due to migration of Chinese in Western countries, the shopping season is extended until the Spring Festival.
According to South Coast Plaza, the highest-grossing shopping center in the US with a whooping sales of 1.7 billion just in the year 2015, its peak season for shopping is from Thanksgiving until the closing of Chinese New Year.
South Coast Plaza started to attract Chinese clients as they open products for them in the early 2000s and it still continue to do so. The said mall is the first to accept a China UnionPay, a Chinese bank card.
Right now, Chinese makes 30 percent of the global luxury goods market. With this, financial experts expects Chinese to be the largest consumers and will have more spending power than the Americans.
Some of the shopping malls in California features items that are related with the celebration such as selling scarlet red dresses. Dolce & Gabbana is selling monkey-printed shirts in honor of the Year of the Monkey.
In connection with this, during the Spring Festival, China has been recorded to have the most trips outside the country thus, according to the recent study of China National Tourism Administration, Chinese helps their destination country’s growth.
The Japan Tourism Agency confirmed that Chinese tourists made up 40 percent of total consumption by foreigners in the year 2015 and spent an average of 2,393 dollars in the Japanese country.
In Nanjing,Japan’s Chinatown, the Japan Tourism Agency said that every year 30,000 people are expected to visit during the Chinese New Year and most of them are Chinese. Some were Japanese citizens or foreigners who are fascinated with the celebration and Chinese Culture.
Hiroshi Takigawa, head of the executive committee of the Spring Festival celebration of Nanjing town said that Spring Festival celebration has become a grand event for Nanjing that is why they strive hard to hold colorful activities to attract more visitors.
As the world continue to experience challenges with its economy, Chinese consumers are considered the number one catalyst to this which provides massive benefits to other countries.
