Davy (Weiyi) Huang, Development Director at Azoya, shares how luxury brands can leverage consumption trends noted during the New Year period in China.
The consumption performance during the 2024 Chinese New Year (CNY) has surpassed expectations, signalling a promising start to the economic recovery in China for the year. According to the People’s Bank of China, between 9–14 February 2024, there were 15.38 billion online payment transactions totalling 7.74 trillion yuan ($1.1 trillion), marking increases of 15.8 per cent and 10.1 per cent, respectively, on the previous year.