The Year of the Ox becomes an even more important shopping holiday in an increasingly globalized, intrapandemic world. From February 12 through the 26, the new year is celebrated by millions of consumers in China and all over the world as a time of cleansing, gift-giving, and good luck.
This year, as New York Fashion Week continues to diminish in importance and China’s economic recovery surges ahead of the west post-covid, brands are prioritizing the APAC consumer. According to Forbes, it is predicted that Chinese consumers will account for more than 50% of luxury spending by 2025. The Lunar New Year represents an opportunity for brands to debut new collections and take advantage of gifting opportunities. However, increased rates of covid-19 infection in China have threatened plans to shop in-stores, travel and see family, pointing to another big moment for e-commerce and potential “revenge spending” later on.
Western brands have been criticized in the past for approaching Lunar New Year collections in too simplified a manner. Writes Jing Daily, “savvy Chinese luxury shoppers can tell which brands truly understand the country’s cultural history”. For womenswear this year, Dior and Fendi took a more subtle approach, incorporating symbolic floral patterns and red color motifs, rather than more obvious ox illustrations. Adidas and Coca Cola took more nuanced approaches in CNY campaign launches, nodding to local Chinese culture and the realities of real life consumers. Adidas collection also featured a gamified digital element that rewarded users with “coins” in exchange for making a purchase, which can then be scanned and used on the Adidas app.
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