Spring Festival: Foreign brands launch Chinese New Year specials to cash in on festive period
Error loading player: No playable sources found

The Spring Festival means two things  spending time with loved ones, and spending money. As the Year of the Snake approaches, foreign retail brands are lining up to cash in on the holiday period. Chen Tong looks at how they're marketing their products and targeting consumers for what should be a massive boost to retail sales. 

Make a gold ingot with LEGO bricks!

CHEN TONG, Shanghai "Cute, isn't it? And you make a wish by putting it into this box."

I'll keep my new year wish a secret, but if you want to say hi to this giant LEGO fortune cat, you can come to Shanghai's iconic landmark Yuyuan. Every new year, Yuyuan holds its special lantern festival fair. This year, lanterns made from LEGO bricks are making the festival more fun and interactive.

STELLA SHEN, Marketing Vice President of LEGO China "Coming to Yuyuan to see the beautiful lanterns is a must-do for Shanghai residents and even domestic and foreign travelers. We hope the cooperation with the Yuyuan venue can allow Chinese consumers and foreign travelers to form good memories here."

LEGO is not the only foreign brand that is immersing itself in Chinese culture. At another landmark, the Bund, retail brand ZARA has built a pop-up store debuting its new year collection. They've partnered with a local brand as well.

EUGENIO BREGOLAT LUKASHOV, President of Inditex Greater China "This is a moment where it's very important to buy certain type of products and there's also a lot of cultural elements related to that. So of course it's a very important moment to buy new things, and we're looking forward to being able to showcase this collection and also our other collections during the Chinese new year period."

Much of this enthusiasm stems from China's huge consumption demands during the festival. According to shopping platform Meituan, during the Spring Festival last year, daily retail sales in China jumped by 36 percent year-on-year. Buying new things to welcome in the new year – is a tradition for all Chinese people.

"It's the time that I get my year-end bonus. I have more cash in my wallet, so I want to buy more things."

"My family will give me lucky money. I finally have money in my hands, so I want to spend."

CHEN TONG, Shanghai "For Chinese people, the Spring Festival is the most important holiday of the year. And with importance, comes spending. Foreign brands are gearing up to cash in on this festive period. Chen Tong, CGTN, Shanghai."