???? Promising CNY insights on China's Economic Recovery?????
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The most anticipated Chinese New Year has shown us some?positive indications of market recovery?like never before. According to MoonFox research and MoodieDavitt Report, there are?6 main insights?identified by the end of the festive season.?
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1. The Spring Festival has become the first travel peak after the major adjustment of the pandemic policy.
Over 70% of the travel bookings are made by young travelers born after the 1990s and 2000s with popular destinations of Shanghai, Chengdu, Beijing, and Sanya.?
2. Going to the movies is the most preferred activity for the 2023 Spring Festival.
The DAU of entertainment and ticketing apps increased by 99.3% as compared to the week before, with Alibaba Pictures gaining over $1 billion (€137 million)?in ticket sales.
3. Cross-border travel and cross-provincial travel have become the key words of Chinese New Year Consumption.
During the Spring Festival, there were 308 million domestic tourism trips generating 375.84 billion yuan (€51.35 billion)?of tourism revenue respectively, recovering to 88.6% and 73% of the same period in 2019.
4. The week before the Spring Festival is the peak period of mobile application advertising.
With the focus on?online shopping and social networking apps.
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5. This year, technology and tradition are merged together, allowing people to experience a different but immersive ‘Chinese New Year’.
Baidu has launched a series of AIGC (Artificial Intelligence in Grid Computing) innovative gameplay to create innovative New Year Greetings customisation. MeiTuan authorised the usage of e-RMB currency and boosted New Year Consumption.
6. Revenge spending in the luxury sectors, especially for duty free stores?Hainan with sales reaching €357 million.
It was over 300% higher than in pre-pandemic period in 2019.
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Conclusion: With so much engagement in traveling and spending as well as investment in entertainment, advertising, and innovation, it is expected to see positive and rapid recovery?of China's economic in 2023.
SOURCE:?ALIZILA,?MOODIEDAVITT?,?MOONFOX?
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