CHINESE NEW YEAR: THE WORLD’S BIGGEST HOLIDAY
Did you know that 2021 is the Ox Year in China? Following its lunar calendar, Chinese New Year is celebrated on a different day each year, but its aspects are usually just the same: we can always find red ornaments, gather in family reunions, and exchange hongbao.
Learn more about the billion-dollar holiday, accountable for the world’s largest internal migration movement.
- The famous hongbao
- The domestic travel rates during the holiday
- The boom in retail sales
- International brands that are new to the celebrations
- And much more!
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More than 4 billion messages are exchanged every holiday
More than US$100 million worth in products are sold
More than 3 billion trips are arranged during the holiday
Hongbaos are red envelopes filled with cash. Traditionally, they are sent from the elderly to youngsters to wish them good fortune. Most Chinese fill them with amounts that go from US$8 to US$48.
Since 2014, however, digital payments apps, such as WeChatPay and AliPay, offer e-hongbao features. In 2019 alone, 4,5 billion online hongbao payments were processed. Almost 60% of China’s population uses these new technologies.
Tourism is also greatly impacted by the Chinese New Year. In 2019 alone, again, more than US$70 billion were spent on trips to the festivities. Besides that, international brands, such as Disney and Gucci, made holiday-themed collections for the holidays.
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