How Lunar New Year can boost your business in the Asian market

Lunar New Year, which started on February 10, 2024, is a major celebration for millions of people of Asian descent around the world. It is also a golden opportunity for Australian businesses to tap into the lucrative Asian market and build long-term relationships with their customers.

Lunar New Year, also known as Chinese New Year or Spring Festival, is the most important festival in the lunar calendar, which is based on the cycles of the moon. It marks the end of winter and the beginning of spring, and is a time of reunion, renewal, and prosperity.

Lunar New Year is celebrated by people of various ethnic and cultural backgrounds, such as Chinese, Vietnamese, Korean, Mongolian, Tibetan, and Thai. Each country and region has its own traditions and customs, but some common elements include:

  • Cleaning the house and decorating it with red lanterns, banners, and flowers to welcome good luck and ward off evil spirits.
  • Preparing and sharing special foods, such as dumplings, rice cakes, noodles, and fish, which symbolize wealth, happiness, longevity, and abundance.
  • Giving and receiving red envelopes, which contain money or gift cards, as a gesture of gratitude and blessing.
  • Wearing new clothes, especially in red or gold, which are auspicious colors for the occasion.
  • Visiting relatives and friends, and exchanging greetings and wishes for the new year.
  • Enjoying various activities and entertainment, such as lion dances, dragon dances, fireworks, parades, and fairs.

Lunar New Year is not only a festive occasion, but also a significant economic event. According to a report by Nielsen, the total spending of Chinese consumers during the Lunar New Year period in 2023 reached 1.01 trillion yuan ($157 billion), an increase of 28.7% from 2019. The report also found that online shopping, travel, and entertainment were the main drivers of consumption growth.

How to cater to the Asian customers’ needs and preferences

Lunar New Year presents a great opportunity for Australian businesses to engage with the Asian market, both locally and internationally. According to the 2023 Census, there were more than 1.2 million people of Chinese ancestry in Australia, making up 4.7% of the total population. There were also more than 300,000 people of Vietnamese ancestry, 123,000 people of Korean ancestry, and 87,000 people of Thai ancestry, among others.

These communities have a strong purchasing power and a high demand for quality products and services, especially during Lunar New Year. Australian businesses can cater to their needs and preferences by offering:

  • Culturally relevant and respectful marketing campaigns, which showcase the diversity and richness of the Asian cultures and traditions, and avoid stereotypes and clichés.
  • Customized and personalized products and services, which reflect the tastes and values of the Asian customers, and incorporate elements of the Lunar New Year, such as the zodiac animal, the lucky colors, and the auspicious symbols.
  • Convenient and seamless shopping experiences, which leverage the digital and social platforms that the Asian customers use, such as WeChat, Alipay, and TikTok, and provide easy and secure payment and delivery options.
  • Genuine and lasting relationships, which go beyond the transactional and seasonal aspects, and build trust and loyalty with the Asian customers, by understanding their needs and expectations, and providing after-sales support and feedback.

How to leverage the outbound tourism from Asia

Australian businesses can also benefit from the growing outbound tourism from Asia, especially from China, which is the largest source of visitors and spending for Australia. According to Tourism Australia, in 2023, there were 1.4 million visitors from China, who spent $12.4 billion in Australia. Lunar New Year is one of the peak travel seasons for Chinese tourists, who seek to explore new destinations and experiences.

Australian businesses can attract and retain these tourists by offering:

  • Attractive and competitive travel packages, which highlight the unique and diverse attractions and activities that Australia has to offer, such as nature, wildlife, culture, and gastronomy.
  • Welcoming and hospitable services, which make the Chinese tourists feel comfortable and valued, and provide them with information and assistance in their preferred language and channel.
  • Memorable and shareable experiences, which encourage the Chinese tourists to spread positive word-of-mouth and online reviews about their Australian trip, and inspire them to return or recommend Australia to their friends and family.

Lunar New Year is a golden opportunity for Australian businesses to tap into the lucrative Asian market and build long-term relationships with their customers. By understanding and respecting the Asian cultures and traditions, and by offering products and services that cater to their needs and preferences, Australian businesses can enjoy the benefits and rewards of the Lunar New Year.

Leave a Reply

Your email address will not be published. Required fields are marked *