Insights into 2023 China's "520" Valentine's Day Consumer Behavior: Trends and Analysis

“520 Valentine’s Day,” a virtual holiday created by millions of Chinese netizens, differs from the traditional Qixi Festival. On this special day, consumer enthusiasm for shopping soars. To understand their needs and preferences, iiMedia Research conducted a nationwide random sampling survey titled “China’s ‘520’ Romantic Economic Consumer Behavior Insights Data.”

Consumer Market Size and Profile:

According to the survey data, over 90% of respondents expressed willingness to make purchases and give gifts to loved ones on this holiday, regardless of being single, in a relationship, or married. This shows the impact of online Valentine’s Day on the consumer market. The data reveals that China’s gift economy market size has grown from ¥800 billion in 2018 to ¥1.2262 trillion in 2022, with a consistent upward trend. It is projected to reach ¥1.3777 trillion by 2024 and ¥1.6197 trillion by 2027.

The data also indicates that the gift purchase budgets for Valentine’s Day show a certain distribution pattern: approximately 27.40% of consumers set their gift budgets between ¥500-999, while 20.12% of respondents have budgets ranging from ¥1000-1999. Overall, consumers’ budgets tend to be concentrated at a moderate level.

Furthermore, this year’s 520 Valentine’s Day primarily targets the age group of 31-40, with 45.40% of respondents setting their gift budgets between ¥1000-4999. Individuals in this age range are typically in relatively stable life and work stages, possessing independent purchasing power and strong economic capacity. Therefore, compared to the price of the gift, they prioritize personal preferences and product quality.

Gift Types and Purchase Channels:

The survey also found that over 80% of consumers hope to receive gifts on “520” day, and nearly 70% of consumers prepare gifts for their partners. Male consumers focus more on their partners’ preferences, while female consumers value the practicality of the gifts. In terms of gift choices, consumers tend to purchase beauty and skincare products, jewellery, electronics, home goods, and fashion items. These data reflect Chinese consumers’ pursuit of quality and personalized gifts, showcasing market opportunities for related industries during the online Valentine’s Day period.

Moreover, the survey shows that over half of consumers prefer online shopping, mainly through e-commerce platforms and social media such as JD.com, Taobao, Xiaohongshu, and WeChat, along with some utilizing short-video e-commerce platforms. Offline shoppers, on the other hand, tend to choose shopping malls, speciality stores, and department stores. This highlights the significant role played by both online and offline channels during the online Valentine’s Day, as consumers explore and purchase desired gifts through various avenues.

Ritualistic Self-Gifting for Singles:

During Valentine’s Day, single individuals have emerged as an emerging consumer group. They choose to invest more time and money in self-improvement and cultivating hobbies. This consumer trend drives the development of markets such as pet products and solo dining. Among them, 50.54% of single individuals choose to buy gifts for themselves or someone they like, while 45.16% of singles participate in shopping discount activities. In recent years, with the rise of singlehood, the consumption demands of single individuals have continued to increase. China has a population of 240 million singles, who seek self-fulfilment and enjoyment in material and entertainment aspects.

Conclusion:

Based on this survey data, it is evident that the “520” Valentine’s Day has become a significant milestone in China’s consumer market. Whether expressing emotions, deepening relationships, or fulfilling personal desires, this unique virtual holiday brings more consumer enjoyment and romantic experiences to the Chinese people. Consumers purchasing gifts through online and offline channels exhibit personalized and diversified consumption trends, offering tremendous business opportunities and development space for related industries.

Act now to unlock the potential of this significant consumer segment. To obtain further insights and personalized recommendations on leveraging the opportunities presented by the “520” Valentine’s Day in China, contact us now.