5 Consumption Trends During Lunar New Year 2021 – Business Ideas

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The Lunar New Year is the time when people promote consumption in all categories due to their personal needs or to gifts. Retailers or brands need to seize business opportunities to build appropriate sales strategies for Lunar New Year 2021.

During the year, recognizing changes in customer behavior would help businesses make timely adjustments for the end of the year, thereby increasing business performance. Below, Omisell suggests to you 5 market trends that should be prepared for Tet 2021 by any business.

1. E-commerce

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Ecommerce in 2020 became an essential “product” to customers all over the world and the South-east Asia region in specific. Consumers are increasingly tending to buy more on e-commerce sites due to the effects of the Covid-19 pandemic. The end of the year is no exception when, for the majority of customers, shopping online brings a good experience.

In 2019, retail e-commerce sales to consumers in South-east Asia reached about $39 billion, it is estimated that this figure will reach $62 billion by 2020, this brings Indonesia to the top with $32 billion and Vietnam to the top 3 with $7 billion in 2020.

These are great signals for the year-end peak shopping season. During the 11.11 Shopping Festival, Black Friday, or most recently 12.12, most consumers will prioritize shopping on websites or e-commerce platforms. More consumers than ever are familiar with e-commerce websites and will likely visit them again in the future.

E-commerce sales are hotter than ever. Your sales website should have attractive deals and saving combos. You should also change to the eye-catching website decoration concept to suit Lunar New Year 2021. Promoting marketing on your existing social networking sites (Facebook, Instagram ..) will also be an effective approach.

The update of the promotional price, discount voucher, or free shipping code for your store on Shopee, Lazada, Tiki .. is necessary for Lunar New Year sales campaigns.

2. Loyal Customers

For customers who have already bought your product, offering special offers or dedicated care will build sympathy and likely return if satisfied with the product and experience. Fostering loyalty from new online shoppers opens up a huge sales opportunity during Lunar New Year 2021.

Develop ads and spread your brand message towards your target audience. It is important to create additional shopping incentives for old customers over the past few months by offering relevant offers related to the holiday season. 

3. Applications during Lunar New Year

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Apps with a huge spike in revenue during the Lunar New Year 2020 holiday, such as online game apps, food delivery apps, financial and lifestyle apps, etc., the downloads of shopping apps have also increased significantly. 

The most downloaded apps in the first six months of the year were retail shopping apps (60%), games apps (59%), and streaming apps (56%). Additionally, 50% of them don’t mind seeing in-app ads if they get free content in exchange.

App marketers should focus on attracting new audiences and identifying the best potential long-term customers. This new market is likely to become more comfortable in the future.

The holiday season is a great time to think about building new user files for your app, especially before Christmas and Lunar New Year 2021. It’s also a good time to get users back in. You should use the remarketing approach to attract users who may have given up on the app again.

4. Lifestyle

Consumers’ new lifestyles will influence their holiday gift choices. From around May to July, most countries in the world went into lockdown. This is an opportunity to change the lifestyle. Many people have found new desires or added motivation to follow old intentions.

  • 52% cook at home 
  • 50% spend time at home 
  • 36% exercise at home 
  • 26% work from home 
  • 25% gardening

Electronics products, kitchen appliances, home decorations or Toys & Games are strongly consumed during the Holidays. In addition to the intended use, it can also be used as a gift.

5. Travel

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Recently, people tend to spend the Lunar New Year holidays traveling. With a limited amount of time, people will generally opt for a 2-4 day family vacation. With the current favorable traffic conditions, traveling between localities in the country or the region is no longer a problem. (Depends on which country you are in).

During Lunar New Year 2021, the tours are likely to increase even more. Along with that is the need to book resorts, hotels, restaurants … will also increase.

Keep potential customers in the spotlight through advertisements that inspire and prompt them for the next couple of years. As the global tourism environment continues to evolve, upgrade your service and service quality to assert your brand.

The above is a quick analysis of the consumer trend of the market during Lunar New Year 2021 and suggestions for you. Hope this blog brings use to your business.

 

>>> Read more: Build End-Of-2020 Sales Strategies

>>> Read more: Guides On How To Build A Successful Shopee Business Model In 6 Steps

>>> Read more: Optimize Sales During Covid-19 Pandemic

 

 

 

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