Major Retailers Celebrate Lunar New Year • the Lunar New Year, the Year of the Monkey, Starts Today, February 8, 2016
FEB. 08, 2016 Major Retailers Celebrate Lunar New Year • The Lunar New Year, the Year of the Monkey, starts today, February 8, 2016. • Major retailers and international brands are courting Asian consumers, launching special Chinese New Year promotions, window displays, limited- edition products, and themed entertainment and other unique activities. • In 2015, Chinese consumers’ overseas luxury purchases grew by 10% year over year and shopping tourism from China increased by 32%, according to Bain & Company. • Last year, Chinese shoppers bought 78% of their high-end purchases outside Mainland China, according to the China-based Fortune Character Institute. The 2016 Lunar New Year, wHicH starts on February 8, will be celebrated across tHe globe by more tHan a billion people, making it one of tHe world’s biggest Holidays. According to the Chinese zodiac, 2016 is tHe Year of tHe Monkey. China has declared a national holiday this year that runs February 7–13, wHicH paves tHe way for tHe massive travel tHat accompanies the 40-day Chunyun period. During tHis Spring Festival travel period eacH year, the largest Human migration in the world takes place; in 2015, travelers made more tHan 3.7 billion trips during the 40 days. HigHligHts of tHe Holiday include traveling Home to be with family, family reunion dinners, parades, fireworks, dancing and tHe gifting of hongbao—red envelopes filled with cash and given by married people to cHildren, unmarried relatives, friends and employees. MAJOR RETAILERS AND INTERNATIONAL BRANDS COURT ASIAN CONSUMERS In recent years, major retailers and international brands have been courting Asian consumers, Hoping to become tHe shopping destination of choice for New Year’s gifts.
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