China has seen new trends in spending during this Spring Festival this year because the younger generation was the most popular consumer. Additionally, the 2022 Winter Olympics Games opened in Beijing on February 4, amid the festive season.

Chinese consumers purchased winter sports equipment and equipment to celebrate the holiday, which was observed from January 31 until February 6, to commemorate the Chinese New Year. Lunar New Year led to a boom in the economics of ice.

The demand for ice and snow equipment increased by 107 percent over the previous year. Sales of winter sportswear sales increased by 99 percent, while protection gear increased by 41 percent throughout the shopping season as per Chinese online retailer JD.com.

The Beijing Cold weather Olympics has encouraged 346 million Chinese to participate in winter sports and related activities, according to China’s winter sports body. One in four Chinese has participated in winter sports or other related activities at least once.

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Additionally, Bing Dwen, The cute character from the Beijing Winter Olympics, has been selling like hotcakes. Online shops have run all Bing Dwen Dwen souvenirs, and queues of people have formed outside the official Olympic stores.

In 2022, for the Lunar New Year, the millennials and Generation Z became the leading customers, and they chose Chinese brands. During the New Year’s celebrations, the most sought-after items included snacks, health-related items like fitness equipment, pets, food items, and cosmetics.

The Spring Festival also saw a delivery rush as many people could not get together with their family members due to COVID-19 restrictions. They decided to purchase items on the internet for their families to give as presents.

Preparing meals to celebrate Lunar New Year’s Eve quickly became popular, especially since many people opted to stay in to mark the occasion. “Prepared food” was the most popular search term during the holidays, and orders increased by a third compared to the previous year.

It’s a tradition for Chinese families to gather for a massive meal on Lunar New Year’s Eve. Many spend the day cooking food or eating out at eateries. However, they ordered a pre-cooked dinner at a restaurant or even online this year. It takes just 20 minutes to cook an already-prepared festival meal at home without COVID-19 issues.

Based on the MCT Ministry of Culture and Tourism (MCT), The Golden Week of the Chinese Lunar New Year was a record-breaking 251 million visits to the national level and tourism revenue at 289 billion yuan ($45.6 billion) and a decrease in the range of 2 percent or 3.9 percent year-on-year and 3.9 percent year on year, respectively.

Compared to the pre-pandemic rate in 2019, the national level of tourist visits to the country and revenues from tourism was 26.1 percentage and 43.7 percent less, respectively, figures from MCT indicated, as recurrent COVID-19 epidemics across the nation caused travel restrictions.

During this Spring Festival season, the total box office revenue was 6 billion yuan. That’s 23.2 percent less than the previous year’s figures, as per the data collected by Taopiaopiao, the film industry’s data service.

“Despite a nearly 48-percent increase in the number of people returning to their hometowns for the Lunar New Year vacation compared to a year ago, a contraction in film box office income and tourism profits suggests that this did not end up in materially higher usage demand,” said Lu Ting, chief China economist at Nomura.