This February, luxury transmitted signs of recovery
Valentine’s day and Chinese New Year’s are traditionally the first two sales milestones of the year, an overview of the luxury industry’s pulse. And this year, both dates were under particular scrutiny. Can we finally talk about a recovery in 2021?
+160,8%
Chinese New Year jewellery sales rise
+107,1%
China's clothing sales rise in February
+39%
The rise in sales of communications and telephony devices in China in early 2021
According to the powerful Chinese e-commerce platform JD.com, the number of gold necklace sales, considered as a lucky charm for Chinese New Year’s, have grown this year. Also entitled Spring Festival, this celebration is the opportunity for many gifts to be traded. For two weeks, as of February’s new moon, these holidays, traditionally chosen by the Chinese to visit their families, rhyme with intense migration. However, with the pandemic, only 1.15 billion travelers were on the move beginning 2021. Yet sales did not drop. The Chinese ministry of commerce communicated a growth of 160.8 % in jewelry sales, 107.1% in clothing and 39% in different telecommunication devices. Online shopping and contactless payments have been particularly favored by Chinese consumers, encouraged by the ministry of commerce to participate in the “National Online New Year Festival”. And this celebration has had repercussions on the well-functioning of businesses beyond the country’s borders, as the Chinese diaspora is very well anchored in the USA and in Europe.
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