Suning Released the Report of Consumption Data for Chinese New Year Shopping Festival 2020
NANJING, China, Jan. 22, 2020 /PRNewswire/ -- On January 18, 2020, Suning, one of the leading commercial enterprises in China, released a report of consumption data for the Suning New Year Shopping Festival. Data shows that 5G mobile phones, headsets, and charging devices replaced instant noodles, becoming “the most popular things” of the Chinese New Year Festival. In addition, New Year’s Eve dinner is gradually breaking the traditional impression of a big family’s reunion. Instead, the sales volume of “Family Dinner for Three” has increased by 125% year-on-year, and consumers are mainly from three major cities: Beijing, Shanghai and Guangzhou.
Chinese New Year is an annual ritual of family reunification and indulgence, with online and offline players vying for a larger consumer share amid a climax of festivity and pro-consumption policies. It is the largest consumption time in China, and the scale of consumption during this period has also increased year by year. Data shows that retail revenue during the Chinese New Year period from 2011 to 2019 is on the rise. More specifically, retail revenue during the Spring Festival period in 2011 was 405 billion RMB, and the retail revenue in 2019 was 1.005 trillion RMB.
With the continuous increase of mileage of high-speed rail and the popularization of new consumption concepts, not only has the time for people to return to their hometowns shortened, but also “the most popular things ” of the Chinese New Year Festival have changed.
Digital products are becoming people’s favorite items, no matter if they’re for self-use or as a gift. As the 5G concept expanded in 2019, 5G mobile phones have also become a hot consumer item. During the New Year’s Festival, the top 3 brands of Suning’s overall sales of 5G mobile phones are Huawei, Honor, and Xiaomi. Consumer age is mainly concentrated between 25-36 years old, accounting for 60% overall and demonstrating the consumption trend among young generations.
In addition, the sales of handheld gimbals increased by 294% year-on-year, and the sales volume of DJI drones was even higher than that of Single’s Shopping Festival in 2019, increasing by 108%.
Additionally, Chinese consumers like to purchase home appliances and fruit during the New Year Shopping Festival. Sales of TVs are trending towards large screens and smarts, with 75-inch large-screen sales growing fast at an increase of over 300% year-on-year. In addition, Suning teamed with Midea to build a total of 12,156 units of the first C2M customized washing machines. Moreover, 300,000 kg of cherries was sold on the national pre-sale channel, which also breaks the previous sales record on Suning.com.
Along with shopping, Chinese consumers have a tradition to celebrate the New Year with their families. However, this year more consumers have chosen to book dinner for three, instead of a big family reunion with relatives. The orders increased by 125% compared to 2019, mainly located in larger cities.
To welcome more consumers to come to the brick-and-mortar store, Carrefour stores of Suning have extended their operating hours, providing consumers enough time to purchase New Year’s gifts. Similarly, Carrefour offered consumers more than 200 million RMB in out-of-season promotional resources, sales increased by 92% year-on-year and the number of purchasers exceeded 3.58 million.
Founded in 1990, Suning Holdings Group is one of the leading commercial enterprises in China, with two public companies in China and Japan. Suning, which ranks third in the top 500 Chinese private enterprises, is dedicated to serving more than 600 million customers worldwide with over 280 thousand employees. With its mission of “Leading the Ecosystem Across Industries by Creating Elite Quality of Life for All”, Suning has shaped an industrial layout featuring coordinated development of real estate and financial service with retail at the core.
SOURCE Suning Holdings Group