How Qixi fuels China’s $191B gift market

China’s gift economy has been growing steadily since 2018, according to iiMedia Research’s latest findings, highlighting the importance consumers place on holiday celebrations and emotional displays. The market is projected to reach $191 billion (1.38 trillion RMB) by 2024 and $225.7 billion (1.62 trillion RMB) by 2027. Gift-buying peaks during romantic occasions like Valentine’s Day and Qixi, reflecting an emphasis on rituals. Gifts now serve as important vehicles for emotional exchange and cultural continuity, with shoppers prioritizing practicality and sentimental value when selecting presents. Qixi gift choices In iiMedia Research’s Qixi 2024 survey, 46.3% of the 1322 respondents cited practicality as their chief consideration for Qixi gifts, which was followed by sentimental significance (44.8%), partner’s preferences (43.6%), affordability (42.6%), and aesthetic value (36.2%). Couple-themed products, such as rings and watches, were the most popular, chosen by 27.3% of respondents. Digital gifts, such as WeChat red packets and cash, follow closely at 24.4%, highlighting the popularity of online payment methods. Apparel and accessories came in at 21.9%, while perfumes and scented products made up 20%. Chocolates ranked fifth at 19.8%, illustrating the diverse and personalized habits of gift-giving consumers. According to Taobao’s 2024 Qixi festival gift report, sales of gold items surged 255% MoM, driven by demand for investment-grade gold and high-value jewelry. Sales of plush toys rose by 216%, with plush bouquets seeing significant growth. Chinese-style gifts doubled in sales, with notable increases in Chinese-style Lego sets (up 259%) and Hetian jade bracelets (up 17-fold). Fortune-related items also increased over six-fold, spotlighting China’s growing spiritual and mystique economy, along with jewelry, toys, and cultural products. Can luxury still make an impact on Qixi? Despite reduced participation in this year’s Qixi Festival – 9% fewer brands got involved and 14% fewer events were held compared to 2023 – luxury brands still demonstrated higher engagement than during other romantic holidays such as Valentine’s Day or 520, according to Chinese media outlet . This underscores Qixi’s status as an important marketing opportunity in China’s luxury market. Boucheron, in collaboration with Tmall’s Super Brand Day, hosted an exclusive Qixi event on August 10, featuring a curated selection of couple-themed gifts. Members enjoyed perks such as interest-free payments, first-purchase discounts, and gifts for repeat buyers, with an overall aim to elevate this year’s Qixi Festival. Luxury brands are also starting to leverage augmented reality (AR) and interactive digital experiences such as online gaming and filters for their Qixi campaigns. Loewe created an AR experience for its Qixi short film A Tale of Catching Stars, available on WeChat. Users interact with two lovestruck hedgehogs, and the film’s many elements, including animated butterflies, durians, and stars, were transformed into exclusive, limited-time filters for vintage Polaroid-style images. Tiffany launched a virtual experience for the Tiffany Lock collection, whereby users explored a cloud-like space, wrote love notes, and learned about the collection’s inspiration. Graff and Celine introduced interactive WeChat mini-games for Qixi, challenging users to match cards to win exclusive WeChat red packet covers and wallpapers. Loro Piana introduced a special Qixi lamb plush toy made from a cashmere-silk blend, accompanied by an animated short and wallpapers. Maison Margiela launched a limited-edition Qixi-themed board game, “Love in Transit,” offered exclusively to customers who met specific purchase conditions. These brands transcended traditional categories, delivering creative products that aligned with their distinct aesthetics while surpassing customer expectations. Which platforms propelled transactions? iiMedia Research data reveals e-commerce platforms such as JD.com and Taobao are the top choice for Qixi gifts, with 46.49% of consumers favoring them for convenience and market influence. Social e-commerce platforms, including Xiaohongshu and WeChat, follow closely with 34.09%, underscoring the fusion of social interaction and shopping in China. Offline retail, including supermarkets and gift shops like Miniso, also remains significant. The rise of short video e-commerce platforms like Douyin highlights their rapid growth and potential. Regarding timing of purchases, 9.30% of consumers start shopping two weeks in advance of Qixi, 61.78% one week before, 23.76% three days before, and 5.16% on the day itself. By analyzing Chinese consumers’ Qixi shopping habits, brands can strategically tailor their product offerings and optimize marketing campaigns, ensuring maximum impact during peak engagement periods.

How Qixi fuels China’s $191B gift market

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Published August 13, 2024

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How Qixi fuels China’s $191B gift market