Chinese Valentine's Day stimulates consumption

⁠⁠⁠⁠⁠⁠⁠The Qixi festival, Chinese Valentine's Day, is evolving beyond its original focus on love, as many young people increasingly focus on self-expression and self-actualization, and the emphasis shifts from romantic gifts to personalized attention.

This year’s Qixi Festival takes place on a Saturday.

In the vibrant shopping areas of the Chinese capital Beijing, many people are redefining the Qixi Festival.

“I came here specifically to buy a cup of Qixi coffee during my lunch break at work. Drinking this coffee is a little ritual for my busy day,” said a Beijing resident.

Instead of waiting for a gift from the right person, many people chose their gifts themselves in the store.

“I bought a bottle of perfume. I knew there was a Qixi-themed pop-up perfume shop here, so I came to check it out. It's beautiful and great for photos. It seems like the marketing is not just aimed at couples, but perfectly appeals to every girl,” said another Beijing resident.

According to a report by iResearch, singles in China are rapidly becoming a significant consumer group, with their spending expected to grow 15.2 percent to 4.9 trillion yuan in 2023.

Service providers such as retailers and restaurants are using this opportunity to launch new products and services.

Many restaurants offer exclusive individual sets for Valentine's Day, with prices ranging from under 100 to nearly 2,000 yuan.

“We have introduced some dishes with elements of the Qixi Festival. The single economy is becoming an important part of consumer spending in first-tier cities. The number of singles in Beijing is increasing every year. We see great potential in this market, especially given the high number of office workers here who may need our services,” said Yang Chunlong, co-founder of Hu Tea House Hotpot.

“We gave away balloons on Children's Day and found that many adults liked it too. So we decided to give out balloons on Qixi Festival. This day is all about love and we want everyone to feel a little bit of that joy,” said Wang Xuefei, manager of a store called Koukoo.

According to official estimates, the number of singles in China could exceed 300 million by the end of 2024.

Chinese Valentine's Day stimulates consumption

In July, sales of alternative-fuel passenger cars in China exceeded those of gasoline-powered cars for the first time.

According to the latest data from the China Passenger Car Association, retail sales of NEVs rose 36.9 percent year-on-year to over 870,000 units, exceeding market expectations and hitting a record high.

In July, new energy electric vehicles accounted for more than half of the total monthly retail sales across the country. Chinese brand BYD and US company Tesla emerged as the most popular new energy electric vehicles among Chinese consumers.

Meanwhile, demand for gasoline cars has been steadily declining since the beginning of the year.

In July, 1.72 million cars were sold in the national passenger car market, down 2.8 percent year-on-year and 2.6 percent month-on-month. Among them, 840,000 conventional fuel cars were sold in July, down 26 percent year-on-year and 7 percent month-on-month.

China’s automobile exports maintained their strong momentum in July.

According to the China Passenger Car Association, nearly 553,000 vehicles were exported in July, up 26 percent year-on-year, and the export value reached nearly 10 billion U.S. dollars, up 14 percent year-on-year.

In the first seven months of the year, total exports amounted to 3.48 million vehicles, up 25.5 percent year-on-year. The total export value for the first seven months was $65.1 billion, up 18 percent year-on-year.

China's sales of electric vehicles exceeded those of gasoline-powered cars for the first time in July