Feb 9, 2022|
When Tiger Embraces the Olympics: JD Report on Spring Festival 2022 Consumption Trends
by Yiming Yan and Xiaoqian Han
As this year’s Spring Festival ushered in both the Year of the Tiger and the Beijing Winter Olympics, JD.com’s consumption data revealed exciting growth: The platform’s turnover increased by more than 50 percent year-on-year from New Year’s Eve (which fell on January 31) to the 5th day of the first lunar month (YOY). In addition, sales increased by 87 percent, 86 percent, 64 percent, and 61 percent in 4 provinces, namely Henan, Jiangxi, Hunan, and Anhui, respectively.
In terms of New Year’s greetings, the commencement of the Year of the Tiger boosted sales of Tiger-themed merchandise. The entire value of the jewelry category climbed by more than 50 percent YOY as of February 5, compared to ox-element products in the same period last year, which is the Year of the Ox; as gold ring sales increased by 28.5 percent YOY.
Toys with tiger features are also highly popular: The sales revenue of tiger-themed designer toys and musical instruments, such as building blocks, remote control toys, and other toys and musical instruments, has increased by more than tenfold, while sales of baby carriages and cribs have increased by 35.8 percent.
Furthermore, the Beijing Winter Olympics also promotes new consumption trends, stimulating national enthusiasm in ice and snow sports. The overall turnover of ski sports products such as ski pants and snowboards climbed by 322 percent YOY.
Compared with ski sports, ice sports products such as figure ice skates and speed skates sharpeners, increased by 553 percent and 420 percent respectively. Moreover, JD.com saw a 90 percent increase in search volume for the mascot Bing Dwen Dwen; sales of ANTA down jackets increased by 203 percent; and turnover of Descente down jackets increased by 196 percent YOY.
Due to the pandemic, many people turned to online shopping for Chinese New Year goods for family members, as they were unable to travel to visit their relatives. More than 5 million SKUs were shipped off-site during the Spring Festival, with the provinces and municipalities that received the most off-site packages being Henan, Jiangsu, and Hebei, while the most were ordered from Guangdong, Shanghai, and Beijing.
JD.com launched the Spring Festival delivery service for the tenth consecutive year, allowing consumers in more than 300 cities to receive packages as usual even on New Year’s Eve. As an incentive, JD Logistics has allocated over RMB 400 million yuan as allowance on front-line courier employees who stayed on duty over the Spring Festival holidays.