China’s FMCG sales could jump 33% during Chinese New Year holiday
- 5 February 2021
- 514
According to the international data analytics company Nielsen Holdings, FMCG market is expected to blossom during the Chinese New Year. As stated in the forecast, this year consumers will more likely stay at home and cook celebratory dinners by themselves. Hence, Nielsen suggests FMCG sales will grow by 33%, whereas promotions are expected to rise by 17% in the upcoming holiday.
Due to COVID-19 travel restrictions and quarantine requirements, more people will stay at home during the holiday. As a consequence, e-commerce and home delivery services will be the main drivers for the ‘stay-at-home’ economy in China.
In addition, Nielsen argues that even though COVID-19 has transformed consumer spending habits, people will take an opportunity to treat themselves during the holiday by splurging on premium food and alcohol.
