Fast-growing Gift Market Value and Healthy Trends in Chinese New Year 2024

 

   The tradition of giving a gift during festivals in China dates back to ancient times. Now the demand for giving a gift during various festivals has also increased. From 2018-2023, the size of Chinese gift industry increased from 800 billion yuan (4 trillion baht) to 1.2998 trillion yuan (6.499 trillion baht), which tends to increase every year. Predicted that in 2027 the gift market size will be worth 1.6197 trillion yuan (8.0985 trillion baht). In addition, the online retail market tends to increase every year since 2014. From a survey of spending behavior during the upcoming Lunar New Year 2024 – the Year of Dragon, the main purpose of buying is for giving as a gift, which accounted for 66.39 percent.

Products that tend to be used as gifts are healthy products. Nowadays consumers are paying more attention to health, thus creating a demand for nutritious products and good for health. It has led to good growth in healthy foods market, such as fruits, nuts, milk, tea, and dietary supplements.

               Trends in the Lunar New Year gift industry – consumers are demanding a wider variety of food and beverages. The health trend has become the mainstream

  1. Consumers will make a decision according to the health factors that the products are natural. No additives, no sugar, fried without oil, or no calories, etc. Consumers also like Chinese New Year gift boxes that have a healthy concept and are environmentally friendly.
  2. Elevated consumption – consumers are increasingly paying more attention to product properties. Consumers choose to buy Chinese New Year gifts that have the healthy ingredients such as vitamins, zinc, selenium, probiotics, or ones that promote good health.
Source:
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