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Tag: lunar

  • VIPshop Cash-In: Lunar New Year Boosts Quarterly Profits Amid Strong Apparel Sales

    VIPshop Cash-In: Lunar New Year Boosts Quarterly Profits Amid Strong Apparel Sales

    Chinese retail giant, VIPshop, has recently announced an increase in their first-quarter profits, a result of robust clothing sales and enhanced margins during the Lunar New Year shopping period.

    The firm revealed a total net revenue of RMB26.6 billion (US$3.9 billion) for the quarter which concluded on March 31, marking an increase of 1.2 per cent compared to the previous year.

    In addition to this, the number of active customers saw a moderate rise to 41.7 million, and total orders experienced a growth of 3.2 per cent, equating to 172.6 million.

    Key Factors Behind The Growth

    Eric Shen, the Chairman and CEO, attributed the company’s successful quarter to robust clothing sales and escalated expenditure by high-value customers throughout the Lunar New Year shopping period. He stated that their SVIP client base saw commendable growth in both numbers and contribution, showcasing their continued attractiveness to high-value consumers.

    Shen stated, “In conjunction with these outcomes, we have made consistent progress in our product range, customer engagement, and AI integration. All these factors are aiding us in further capitalizing on our off-price retail model for expansion. We remain committed to the brand-discount space and are confident in our capacity to ensure sustainable, profitable growth in the long term.”

    Mark Wang, the CFO, further elaborated that consumer expenditure was primarily concentrated within the first two months of the quarter. This was due to the earlier occurrence of the Lunar New Year holiday. This, combined with a more robust product mix and disciplined cost management, led to an improvement in profitability.

    Projected Future Revenue

    Looking forward, VIPshop anticipates their second-quarter revenue to fall between RMB24.5 billion (US$3.6 billion) and RMB25.8 billion (US$3.79 billion). This represents a prospective year-over-year decrease of approximately 5 per cent to 0 per cent.

    Questions & Answers

    What was the key factor contributing to VIPShop’s increased first-quarter profits?
    High apparel sales and improved margins during the Lunar New Year shopping season were significant contributors to the increased profits.

    How has the SVIP customer base been significant to VIPShop’s success?
    The SVIP customer base has demonstrated solid growth in both numbers and contributions, indicating the brand’s sustained appeal to high-value consumers.

    What are VIPShop’s expectations for the second-quarter revenues?
    VIPShop anticipates their second-quarter revenue to be between RMB24.5 billion (US$3.6 billion) and RMB25.8 billion (US$3.79 billion), indicating a potential year-over-year decrease of approximately 5 per cent to 0 per cent.

  • Embrace the 2026 Lunar New Year of the Fire Horse: Prosperity, Health and Retail Industry Updates Await!

    Embrace the 2026 Lunar New Year of the Fire Horse: Prosperity, Health and Retail Industry Updates Await!

    The team at Retail News would like to convey our warmest regards to our readers during the 2026 Lunar New Year, the year of the Fire Horse. We extend our heartfelt wishes to you and your loved ones for a year filled with robust health and bountiful prosperity.

    Our team will return on Thursday, 19th February, ready to provide you with more insightful industry developments, exclusive feature stories, authoritative opinions, and the most recent news and updates from the financial industry.

    We hope that you enjoy the festive season and all the joy and good fortune it brings. Here’s wishing you a spirited Kung Hei Fat Choi!

  • Thailand’s Lunar New Year Spending to Skyrocket by 5% in 2026: Forecast Reveals Most Vibrant Celebrations in Six Years

    Thailand’s Lunar New Year Spending to Skyrocket by 5% in 2026: Forecast Reveals Most Vibrant Celebrations in Six Years

    The year 2026 is forecasted to observe a surge in market circulation during the Lunar New Year holiday in Thailand, with an estimated value of THB54.2 billion (US$1.75 billion). This anticipated figure would be the highest in six years, indicating an increase of 5% year on year.

    Consumer Spending Predictions

    According to a consumer spending survey conducted by the Centre for Economic and Business Forecasting at the University of the Thai Chamber of Commerce (UTCC), 25% of the respondents anticipate a more animated celebration this year, while others expect festivities similar to the previous year. Interestingly, 43% of the respondents have plans to pay tribute to Chinese gods and offer items of sacrifice to their ancestors.

    Among the participants, a third mentioned plans to increase their spending during the festival, mainly attributing this to escalated prices. However, 35% of the respondents anticipate the prices of products to remain unchanged.

    Perceptions of Market Prices

    Approximately 70% of the respondents believe that the prices of sacrificial offerings, such as meat and fruits, would be higher than last year. A prudent approach was noticed among one-third of the respondents who intended to buy only necessary items, whereas one-fifth planned to reduce their spending compared to the previous year.

    Travel Trends

    A noteworthy portion of the respondents, over 90%, expressed intentions to travel domestically. This indicates that a rise in local travel is expected during the Lunar New Year holiday.

    Economic Outlook

    Thanavath Phonvichai, President of the UTCC, stated that a large number of consumers are optimistic about an economic recovery after the election. This optimism stems from consumers being able to foresee who will spearhead the government’s economic team.

    Interestingly, it was found that more than half of the respondents view the current economy as worse or significantly worse than during the same period of the previous year. They anticipate economic recovery to start in the third or fourth quarter of this year.

    The respondents suggested that the new government should concentrate on enhancing infrastructure, fostering new industries for economic growth, fortifying the grassroots economy, upgrading regional infrastructure to boost tourism, attracting foreign investment, and supporting exporters. These suggestions mirror the concerns of the Thai people towards economic conditions and the necessity for a clear long-term strategy for sustainable economic growth.

    Future Government Initiatives

    The incoming government is expected to take office by May, with significant stimulus schemes projected to be initiated by the third quarter. Phonvichai urged the government to promptly eliminate corruption and crackdown on scams, as these issues significantly affect confidence in the tourism sector.

    Questions & Answers

    What is the estimated value of market circulation during the 2026 Lunar New Year holiday in Thailand?
    An estimated value of market circulation during the Lunar New Year holiday in Thailand in 2026 is THB54.2 billion (US$1.75 billion).

    What is the general outlook of the Thai people towards the economy?
    More than half of the respondents view the current economy as worse or significantly worse than during the same period of the previous year. They anticipate economic recovery to start in the third or fourth quarter of this year.

    What are the key suggestions provided by respondents for the new government?
    Respondents suggested that the new government should focus on improving infrastructure, developing new industries for economic growth, fortifying the grassroots economy, upgrading regional infrastructure to support tourism, attracting foreign investment, and supporting exporters.

  • Lady M Conquers Singapore Again: Jewel Changi Debut and Spectacular Lunar New Year Horse Gift Set Launch

    Lady M Conquers Singapore Again: Jewel Changi Debut and Spectacular Lunar New Year Horse Gift Set Launch

    Lady M, a prominent New York-based patisserie, has announced its return to Singapore, establishing a shop at Jewel Changi Airport. This announcement is accompanied by the unveiling of a special gift set, the 2026 Year of the Horse, in anticipation of the Lunar New Year.

    Year of the Horse Gift Set

    The gift set, created in honor of the Year of the Horse, is designed with a vivid moire pattern on its exterior. Upon opening, a horse in mid-gallop is revealed, reflective of the energy associated with the upcoming year. The set contains 32 mini crepe biscuits, each elegantly wrapped in glistening foil. These delights are available in a variety of four flavors: Coconut, Chocolate Hazelnut Orange, Vanilla, and Raspberry.

    An additional feature of the set is a collectible horse-bag charm fashioned from vegan leather. This charm, tucked away in the set’s drawers, serves as a symbol of good luck for the forthcoming year.

    The package also includes Lady M’s signature confetti-red envelopes, with each scattered piece embodying blessings, prosperity, and festivity.

    A Symbolic and Vibrant Return

    Ken Romaniszyn, CEO of Lady M, expressed that the brand wanted to commemorate its return with a collection that was “symbolic and vibrant”.

    He stated, “The moire horse motif encapsulates the dynamism and vigor we associate with the year ahead. We aspire for these creations to become treasured keepsakes and joyous gifts for all who celebrate.”

    After the Lunar New Year period, Lady M Singapore intends to provide its complete assortment of cakes and products to its customers.

    Questions & Answers

    What is the significance of Lady M’s Year of the Horse gift set?
    The gift set is both a celebration of the Lunar New Year and the symbol of the upcoming year, the horse. The set includes 32 mini crepe biscuits and a horse-bag charm as a token of luck.

    What are the flavors of the mini crepe biscuits included in the gift set?
    The biscuits come in four flavors: Coconut, Chocolate Hazelnut Orange, Vanilla, and Raspberry.

    What are the plans of Lady M following the Lunar New Year?
    After the Lunar New Year period, Lady M Singapore plans to offer its full range of cakes and products to its customers.

  • Retail meets art in HK for Chinese New Year

    Retail meets art in HK for Chinese New Year

    Next week it Chinese New Year. It officially begins on February 5th, 2019, and ends on February 19th. This year will be the year of the Pig. It is the most important festival for Chinese people, so the city is fully decorated with festive installations. The retail world celebrates it with decorations and promotions. In Hong Kong, all shopping malls have already unveiled their gigantic installations.

    In the financial heart of the city,  the floral pinwheels have turned IFC into the Garden of Fortune.

    Dedicated to providing memorable and engaging experiences for guests beyond shopping and dining, the Chinese New Year is no exception for IFC mall as it presents The Garden of Fortune, a splendid installation featuring pinwheels to welcome good fortune and embrace new changes along with incorporating floral elements for a contemporary spin.

    From 26 January to 17 February 2019, shoppers can visit the interactive display and enjoy music performances to ring into an auspicious new year.

    Pinwheels have long been a symbol of luck with fascinating roots in Chinese culture. Traditionally associated with welcoming wealth, pinwheels are constructed using a variety of bright colors to greet the god of fortune, which are believed to bring prosperity and blessings to both homes and businesses. Playing on the Chinese tradition that pinwheels attract good luck, The Garden of Fortune is embellished with this auspicious symbol.

    The pinwheels are designed in the shape of peach blossoms, peonies and begonias – flowers that represent prosperity and fortune in Chinese culture – to empower guests with positive vibes as they walk through the Garden of Fortune.

    Upon entering the installation, guests are invited to play an interactive pinwheel game to start the new year with blessings to share and bestow upon friends and loved ones. ifc mall has collaborated with young local calligrapher, Rita Lee, to create downloadable “fai chuns” to share with family and friends after completing the game.

    Lee started learning Chinese calligraphy at the age of 6 and has nurtured her talent with over 20 years of experience. She is known for blending different styles to create art that balances the tradition of Chinese calligraphy with contemporary flair. “I’m excited about this partnership with ifc mall as it allows me to use my craft to extend blessings to all Hong Kongers who visit the Garden of Fortune,” says Lee. “The installation’s fusion of traditional pinwheels with modern floral elements also reflects the same juxtaposition in my style of calligraphy.”

    Pacific Place has built “Where Fortune Takes Flight” to welcome the Chinese New Year 2019. Queenie said that her design ideas come from the traditional Chinese New Year Candy box and chocolate from her childhood. Thus, they became the patterns of the kites, flying in the shopping mall. Queenie used vibrant colors and energetic brush strokes to draw on the kites, symbolizing a colorful and fruitful new year.An exquisite spring garden filled with blossoming flowers and over 60 flying kites, symbolising “Where Fortune Takes Flight”. Exclusively designed by Queenie Law, the kites soar to the highest heights and spread Chinese blessings throughout the mall and into the new year ahead.

    In Tsim Sha Tsui, Harbour City will welcome the Year of the Pig with the “HAPPIG New Year” celebration, featuring a seven-metre tall gigantic “Wishing Treasure Bowl” at Ocean Terminal Forecourt from 25 Jan to 19 Feb 2019.

    The treasure bowl is structured with multiple frames, on which colorful ropes were tied delicately to create geometrical festive patterns from cherry blossoms to gold coins.

    The contemporary design is a stylish take on the Chinese New Year classic, wishing everyone joy and fortune for the Year of the Pig.

    Newly introduced this year is an interactive wishing experience, inviting visitors to win a lucky pouch by taking part in a mini game and donating HK$20 near the“Wishing Treasure Bowl” installation.

    Each lucky pouch contains a Good Fortune Card with predictions for the coming year, and a “Wishing Gold Coin” which can be deposited into “Make a Wish Piggy Bank” for making a wish. The coin will roll through a lucky tunnel connecting the piggy bank to the gigantic “Wishing Treasure Bowl”, bringing fortunate blessings to everyone for the New Year.

     

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  • Chinese New Year to drive sales for businesses

    Chinese New Year to drive sales for businesses

    Despite lacklustre consumer sentiment, businesses are gearing up for brisk sales as consumers do their Chinese New Year (CNY) shopping for the much celebrated festival next week, with many businesses citing CNY as an important sales contributing season. LG Electronics Malaysia general manager of marketing Kong Mun Keen said festive season campaigns, whether CNY or Hari Raya, contributes bigger sales for LG.

    “We often see a spike in sales whenever festive seasons are fast approaching,” he said, adding that this year, LG Electronics Malaysia has allocated a “substantial amount of budget” for its CNY campaign.

    Although only a month into 2019, he said LG Electronics is “on the right track” in terms of sales.

    By distinguishing itself with its technology and product experience, Kong said LG’s strategy has always focused on reaching out to all Malaysians, evident through its brand store openings in 2018, where it works with partners to drive new consumer touchpoints.

    “Malaysia has always been a priority market, given that LG has secured and maintained a strong position in the home appliances and home entertainment segments here. With our premium and unique positioning coupled with innovative and consumer-centric products line-up, we are confident that there will always be a demand for our products here,” said Kong, adding that it is constantly ensuring that its products can integrate seamlessly into consumers’ lives.

    For big-ticket items like cars, Edaran Tan Chong Motor Sdn Bhd (ETCM) executive director Tan Keng Meng expects its CNY sales to be about the same as last year’s or better.

    “It’s always CNY and Raya. These are the two peak seasons,” said Tan.

    In conjunction with CNY, ETCM added the new imperial red colour to the popular Nissan Serena 2.0L S-Hybrid Premium Highway Star, featuring a two-tone theme. Additionally, ETCM continues the introduction of Nissan X-Trail X-Tremer in passion red and two additional colour options.

    Meanwhile, a Uniqlo Malaysia representative said festive periods are traditionally good opportunities for retailers to grow their sales, adding that it continues to experience healthy sales growth this year.

    “We believe this is due to our commitment to produce high-quality products at accessible prices while keeping with today’s fashion trends. Customer service is also a top priority to ensure that our customers have the best shopping experience possible.”

    As with previous years, it believe that customers are always looking for something new and fresh to start their new year.

    “We are bringing many new items to the store for customers to choose. We will also be launching the Uniqlo U collection on Feb 1 for last minute shoppers to get their new year clothes.”

    The representative said customers are consistently looking for items that are value for money and Uniqlo is well positioned to meet their needs.

    Tohtonku Sdn Bhd head of marketing Vicky Lim said CNY is one of the peak seasons for sales with its back-to-back promotions in December and January.

    But instead of spending on CNY promotional campaigns, Lim said, the company, which markets personal care and household products with brands like Follow Me, Nutox and Nanowhite, still focuses on brand communications.

    A representative for The Body Shop said although CNY is not its largest festive season sales contributor, it dresses up its stores with decorations that symbolise the blooming of spring and the festive mood of CNY.

    “We offer prosperous gifts such as hampers. This year we picked British rose as the main product that appeals to a wider target audience and with its colour of pink, it’s in line with the colour scheme that represents CNY.

    “Our staff are also dressed in mandarin Oriental tops and we play both instrumental and vocal music that reminds you of CNY.”

  • Average New Year bonuses in HCMC up 30 pct

    Average New Year bonuses in HCMC up 30 pct

    Average New Year bonus given by HCMC firms to an employee is VND3.4 million ($146), 30 percent higher than in 2018. For the 2019 Roman Calendar New Year, bonuses have been significantly higher than in 2018, Le Minh Tan, director of the HCMC Department of Labor, Invalids and Social Affairs said, citing a survey. The survey covered nearly 2,000 enterprises and 415,000 workers.

    On average, bonuses given by foreign invested enterprises for the New Year was VND9.4 million ($403.65), 70 percent higher than the last, the survey found.

    For this Roman Calendar New Year, the highest bonus was VND500 million ($21,470), given by a foreign-invested enterprise.

    For Lunar New Year (Tet), which falls in February, the highest reported bonus was VND1.17 billion ($50,343), coming from a bank headquartered in HCMC.

    The average reward for Tet offered by enterprises surveyed is over VND10 million ($430.78) per person. Only four respondent businesses reported facing difficulties and not giving Tet bonuses for employees.

    There are still some enterprises that have not announced Tet bonuses for workers, waiting for business results. These firms plan to announce their bonuses by mid-January.

    Last Tet, the highest Tet bonus in HCMC was VND855 million ($36,718), given by an unidentified private enterprise.

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  • China tourism revenue up 16 percent over Lunar New Year

    China tourism revenue up 16 percent over Lunar New Year

    China’s tourism industry saw revenues of 423.3 billion yuan ($61.55 billion) during the recent Lunar New Year festival, up 15.9 percent against last year, the China National Tourism Administration (CNTA) said late on Thursday.

    The rate of growth, driven by 344 million domestic tourist trips, was, however, slightly slower than the 16.3 percent rise seen in the corresponding year-ago period. Trips abroad over the period increased more moderately with around 6.15 million outbound Chinese tourists, up around 7 percent, CNTA said.

    China’s tourism industry is key to the country’s shift towards a more services-driven economy and is a useful indicator of the strength of consumer spending. The domestic sector raked in 3.9 trillion yuan in 2016, which Beijing wants to raise to 7 trillion yuan by 2020, official news agency Xinhua said.

    China’s retail and catering firms saw sales over the week-long holiday of around 840 billion yuan, the commerce ministry said in a separate statement, up 11.4 percent over 2016.

    Lunar New Year in China is closely watched as it marks a spike in tourism and retail spending as millions of people return home or go on vacation domestically or overseas.

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  • Mobile to continue driving growth in Lunar New Year online shopping

    Mobile to continue driving growth in Lunar New Year online shopping

    Lunar New Year shopping is getting more mobile. Thirty-two percent of all e-commerce transactions happened on a mobile device while more than six in 10 consumers browsed on a combination of PCs and mobile devices, before making a final purchase on either device.

    These were among the findings based on an analysis of 65 million online transactions in Hong Kong, Singapore and Taiwan before, during and after Lunar New Year in 2016 conducted by performance marketing technology company Criteo.

    “Easy navigation and shorter checkout processes on mobile sites and applications, and multi-channel integration are key to improving retail sales before, during and after Lunar New Year in 2017,” it concluded.

    The company’s deep-dive into consumer browsing and buying activity revealed that in the two weeks before and after the first day of Lunar New Year, consumers browsed and purchased retail products more actively than before – an 81 percent increase in online visitors to e-commerce sites and a 68 percent increase in e-commerce sales.

    Two trends are expected to impact regional retailers during the Lunar New Year season this year.

    The first trend is that mobile devices will be used to make high value purchases. Criteo said that desktops were once the king of big-ticket purchases, but in 2017, consumers in Hong Kong, Singapore and Taiwan will feel equally comfortable purchasing expensive items on smartphones.

    The Average Order Value (AOV) on mobile applications was 27 percent higher than desktops in the second quarter of 2016. The AOV on mobile browsers was only 9 percent lower than desktop during the same period, according to Criteo’s 1H 2016 State of Mobile Commerce Report.

    The second trend is that retailers will see a high web influence on offline sales.

    Shoppers in Hong Kong, Singapore and Taiwan are becoming experts at “showrooming” – the phenomenon of looking at items at a brick-and-mortar store while checking the prices available online.

    In Singapore, while in physical stores, 62 percent of local shoppers are browsing similar products online and comparing prices to ensure they get the best deals, according to Edelman Intelligence’ Singapore Consumers Online Shopping Survey in September 2016.Sixty-nine percent of these consumers end up purchasing the same product or service online rather than offline.

    In Hong Kong and Taiwan, 32 percent and 47 percent of consumers are looking to make purchases online, rather than offline, according to Google’s 2016 Consumer Barometer.

    “Consumers have come to expect exclusive online collections and discounts during this period, timing their purchases so they have the best deals and new clothes or jewellery to symbolise the new beginning. They also tend to continue shopping indoors and online throughout all 15 days of Lunar New Year,” said Yvonne Chang, Executive Managing Director, Asia-Pacific, Criteo.

    “Given the fluid nature of online shopping behavior and intense competition, retailers must use advanced technology that delivers personalized engagement, based on each consumer’s buying habits, expressed interests and online surfing history to leverage this opportunity,” she added.

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  • China’s diesel demand likely to rise ahead of Lunar New Year

    China’s diesel demand likely to rise ahead of Lunar New Year

    China’s diesel demand is likely to pick up pace ahead of the Lunar New Year as traders stock up barrels ahead of the festivities and as construction activity picks up in some areas, four trade sources said on Thursday.

    Implied diesel demand in October in China, the world’s second-largest oil user, rose to 3.4 million barrels per day, up 6.4 percent from September and 1.3 percent higher than the same time last year, according to Reuters calculations using official data.

    That is the highest level since at least March this year with implied diesel demand rising in only three months so far this year, the data showed.

    Demand for diesel in November to December is expected to be even higher, traders said.

    “China is having many policies to boost the economy now, so demand will pick up a bit, but by how much is a question,” said a source with a state-owned refiner.

    China’s economy looks set to hit its 6.5 percent to 7 percent growth target as increased government spending and increasing housing demand spur a construction boom.

    Diesel is used to power trucks for industry and for construction.

    First-quarter Chinese diesel demand may rise by 75,000 bpd from the year ago period, based on the industrial recovery, consultants JBC Energy said in a note on Thursday.

    Demand is also picking up ahead of the Lunar New Year period as traders start to stockpile the fuel and as winter consumption of the fuel has increased for heating and back-up power generation, a second source with a state-owned refiner said.

    “China has also been increasing the retail prices, so demand from traders is picking up as they start to fill up tanks,” the source added. China will raise retail diesel prices by 95 yuan ($13.66) per tonne from Thursday, its third increase since Nov. 30.

    China’s diesel stocks at the end of November fell to a record low after refineries tempered production while they upgraded facilities to produce higher-quality fuels in order to meet stricter emissions limits that the country is introducing from Jan. 1.

    Regulations introduced in September that imposed stronger penalties and ramped up inspections to prevent trucks being overloaded with goods also boosted demand for diesel, traders said.

    “The trucks have to make more trips, so this consumes more diesel,” a shipping source said.

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