It's easy to enter the Asian market during Lunar New Year. It's hard to get it right.
International businesses have long capitalised on the spending surge around Lunar New Year. People who mark the massive global celebration – primarily people of eastern and south-eastern Asian backgrounds – represent a significant market opportunity.
For instance, during the week-long Lunar New Year celebration in 2023, China witnessed a 30% increase in tourism revenue from the previous year, reaching 375.8bn yuan ($52.7bn; $41.8bn). Meanwhile, according to the General Statistics Office, in January 2024, Vietnam saw its total retail sales of goods and consumer service revenues reach 524.1bn Vietnamese dong ($21.5bn; £17bn), marking an 8.1% increase from the previous year, driven by heightened consumer shopping activity in anticipation of Tết.
To get a slice of the Lunar New Year revenue pie, many companies throughout the years have launched targeted marketing campaigns to engage with Asian consumers – including high-profile global brands.
