Snow and ice consumption as Highlight of Spring Festival

2022-05-23 0 By

The Spring Festival has always been a busy time for consumption.This year’s Spring Festival holiday, a number of consumption data performance bright, consumption upgrading trend is obvious.Experts interviewed by Securities Daily said that short and peripheral travel, ice and snow consumption, new consumption and so on have become the highlights of the Spring Festival consumption market.Fu Yifu, a senior researcher at Xingtu Financial Research Institute, said: “First of all, due to the impact of the 2022 Beijing Winter Olympics, ice and snow consumption is booming, and related equipment and supplies, sports clothing, sports training, peripheral derivatives and corresponding tourism consumption have witnessed a significant increase.Second, under the background of epidemic prevention and control and local Chinese New Year, short trips, self-driving trips, peripheral trips and other travel modes continue to be popular.Thirdly, new consumption represented by online continues to flourish. Empowered by digital technology, various cultural travel activities have been upgraded and new consumption modes such as Izumo exhibition and cloud performing arts have been derived.Specifically, Baidu’s big data shows that social entertainment, catering and mobile digital are the three major consumption areas during the Spring Festival holiday.According to the “Year of the Tiger Spring Festival Consumption Trend Report” released by Alibaba, the Spring Festival meets the Winter Olympics, which brings a boom in ice and snow consumption and promotes the development of ice and snow industry. Domestic ice and snow brands welcome a new opportunity to accelerate development in both domestic and overseas markets.At the same time, the combination of digitalization and Spring Festival has also produced many new consumer trends.According to the 2022 Spring Festival Tourism Summary Report released by Ctrip, the Spring Festival of the Year of the Tiger coincides with the 2022 Beijing Winter Olympic Games. Skating and skiing during the day and staying in hotels and soaking in hot springs at night have become a hot tourist destination this year.According to the Spring Festival consumption data released by, the demand for services is strong, with the turnover of life services, local entertainment, car services, game/video services and maintenance increasing by 287%, 206%, 148%, 109% and 77% respectively.From this can foresee, the new fashion of the Spring Festival consumption market will drive this year’s consumption new trend.Fu Yifu said that in 2022, the consumer market will continue to show a steady recovery, with new consumption, duty-free consumption, ice and snow consumption expected to see further development, as the domestic economic situation continues to improve and the epidemic prevention and control is effective.”With the increasingly vigorous quality consumption of Chinese people and the increasingly mature consumer mentality, objectively calling for the arrival of a new round of ‘quality revolution’, the supply side of the consumer market needs to be upgraded in an all-round way, including product research and development, creative design, performance control, product packaging, marketing and other links.”Fu Yifu said that under this opportunity, local consumer brands will pay more attention to the quality of goods and value creation, and constantly improve the added value and competitiveness of products, to further attract and consolidate consumers, cater to the upgrade of consumption, which will be another trend in 2022.Pan Helin, executive dean of the Digital Economy Research Institute at Zhongnan University of Economics and Law, told Securities Daily that consumption upgrading is still the mainstream of the consumer market this year, and high-quality consumption will gradually become popular as incomes increase.At the same time, the trend of diversified consumption will continue.Bai Wenxi, chief economist of IPG China, told Securities Daily that consumption is not only one of the main driving forces of economic development, but also the main direction of the transformation of economic development model. Increasing the proportion of consumption in economic growth is the focus of improving high-quality economic development.Looking ahead to 2022, Fu Yifu said that in the short term, consumption vouchers can be issued to stimulate consumption, so as to rapidly improve residents’ marginal propensity to consume through the “leverage effect” in the short term, stimulate the recovery of consumption in related areas, and then drive enterprises to improve production and operation, relieve the pressure of economic operation.Pan Helin suggested that, one is through the consumption voucher to stimulate consumption vitality, guide user consumption demand;Second, we will increase consumer spending power by cutting taxes and fees.Third, improve the market environment.”Further stimulate the consumption energy, in addition to from the macroscopic policy, employment policy, social security, etc, can make people have more money for consumption and dare to consumption, but also improve the consumption environment, rich consumer scenarios, solve the perspective of consumption (let the people willing to consumption, consumption growth to promote the transformation of economic development goals.”Mr Bern said.