Spring Festival consumption reveals China's new economic momentum

BEIJING, Feb. 11 (Xinhua) -- With the Spring Festival just days away, China's annual rush to buy "nianhuo," or holiday goods, is offering a snapshot of an economy in transition, as younger shoppers are reshaping demand, imported products are becoming routine purchases and a government-backed trade-in program is unlocking new consumer spending.

SPENDING REDEFINED

The shopping season around the Spring Festival, also known as the Chinese New Year, has long revolved around staples such as nuts, sweets and alcohol.

However, that formula is changing as younger consumers are driving demand for products tied not only to tradition but also to personal identity and emotional appeal.

Popular holiday purchases this year include Pop Mart's Year of the Horse plush toys and cartoon-themed Spring Festival couplets paired with fu characters, a traditional symbol of good fortune. Co-branded products tied to IPs such as My Little Pony have also gained traction across categories from snacks and cosmetics to electronics.

Experts describe the shift as a move away from holiday "stockpiling" toward consumption driven by enjoyment and emotional resonance.

Rather than focusing solely on auspicious symbolism, holiday goods are becoming more personalized and design-driven. "Spending aimed at personal satisfaction is increasingly shaping the transformation and upgrades of the consumer market," said Xing Xing, an industry analyst.

Market research firm iiMedia Research estimates that the "emotion economy" will continue to expand rapidly, with the market scale projected to exceed 4.5 trillion yuan (about 648 billion U.S. dollars) by 2029, making it a growing pillar of consumer-driven growth.

NEW HOLIDAY NORM

Alongside shifts driven by younger consumers, imported products are becoming a more visible part of the holiday shopping. Items such as tropical fruits from Southeast Asia, grain and cooking oil from Central Asia, and European chocolates have increasingly moved from novelty purchases to routine choices.

The first China-Europe freight train dedicated to 2026 holiday goods arrived in Xi'an, capital of northwest China's Shaanxi Province, on Jan. 21, carrying cooking oil and honey from Kazakhstan.

In Pingxiang, a border trading hub in south China's Guangxi Zhuang Autonomous Region, fruit markets have entered their peak season with the arrival of imported fruits including durians and pomelos. Official data show that China's fruit imports rose steadily last year, with fresh durian imports reaching 7.49 billion U.S. dollars, primarily from Thailand and Vietnam.

Meanwhile, international nianhuo fairs are being held in multiple cities, including Beijing and Shanghai, making overseas products more accessible to local consumers.

With the expansion of freight rail links, international flights and cross-border e-commerce, Qu Xiaodong, an associate researcher at the Shaanxi Academy of Social Sciences, said imported goods have become a more regular part of the Chinese daily life.

Qu added that the shift reflects the country's opening-up drive, marked by broader market opportunities, more stable supply chains, and an international business environment.

According to analysts, the popularity of imported holiday goods reveals both rising demand for diversity among Chinese consumers and the country's continued push to expand high-standard opening up, offering foreign suppliers greater access to the domestic market.

UNLOCKING DOMESTIC DEMAND

Another notable feature of the ongoing Spring Festival shopping season is the boost from the consumer goods trade-in program.

In 2026, expanded government subsidies encouraging the replacement of older cars, home appliances and digital devices have significantly boosted consumer sentiment.

At a JD Mall outlet in southwest China's Chongqing Municipality, store manager Dai Lei said customer visits in January rose 50 percent from a year earlier, while sales climbed 40 percent.

"Smart glasses were added to the national subsidy program for the first time this year, prompting more consumers to try the products in stores and boosting sales across related categories," Dai said.

Data from the Ministry of Commerce show that in January, sales of home appliances and digital products exceeded 15 million units under the subsidy program, with total revenue nearing 59 billion yuan.

Beyond boosting retail sales, the subsidy program has also supported other related sectors such as dining and entertainment by drawing shoppers back into physical retail spaces.

Economists say the lasting impact of the subsidy program highlights the enormous potential of China's domestic market, suggesting that consumption will play an increasingly important role in driving economic growth and transformation.