Understanding consumer trends during the Chinese New Year period is crucial for CPGs to meet market demands and achieve their own growth. Here are the key consumption trend characteristics for the Year of the Dragon Spring Festival market:

Younger Generations Taking Lead in New Year Purchases In recent years, the purchasing power of younger demographics has been gradually restored. According to Kantar Worldpanel’s latest report, individuals aged 18-35 will be the main decision-makers for purchases. During the Chinese New Year Festival, sales from young families (young singles/couples and young families with children) account for over 40% of total sales, with higher average spending.

As the most active group on the internet, young families tend to gather product information and reviews online to gain shopping insights and recommendations. They plan ahead for the holidays, search for popular New Year’s lists, and festive gift box packaging.

When giving gifts, they consider the recipient’s interests, age, gender, and occupation, choosing gifts that are both appealing and practical. Traditional Chinese liquor ranks first in gift-giving categories, with sales increasing by 13.7% during the 2023 Spring Festival among young families.

Additionally, with the continuation of health demands, liquid milk and nutritional supplements are appearing more frequently on the shopping lists of young families during the Spring Festival.

Whether there will be new changes in gift-giving consumption during the 2024 Spring Festival is worth CPGs’ attentions.