Retailers Turn Lunar New Year Into Shopping Spree
Coming off impressive Christmas sales, Hong Kong retailers are amping up efforts to turn another major holiday into a shopping bonanza: the Lunar New Year.
Many malls hope to meet lofty sales goals of more than 20% growth in sales over last Lunar New Year – and are readily marketing the holiday as another excuse to spend. Hong Kong retail sales have traditionally always been greater for the month of December surrounding Christmas than the months of February or January, which surround the Lunar New Year, according to official government statistics.
Don’t forget about the increase in sales for wedding, maternity and baby merchandise for The Year of the Rabbit!
Lunar New Year shopping is about rewarding oneself, unlike Christmas shopping, which revolves around gifts for others.
Tradition calls for families to wear new outfits and buy new items for the home, especially bedding. Young singles are also gifted extra cash, or laisee — money typically handed out in red envelopes on the morning of the first day of the New Year.
And it’s bonus season in Hong Kong and China, adding in even more discretionary income.
Here at Asiance, we celebrate Lunar New Year, therefore, we reward ourselves! I love Asian tradition.