As the year of the Dragon approaches, Southeast Asians will soon be kickstarting preparations for 2024’s Lunar New Year. In Milieu Insight’s latest regional report, we reveal how Southeast Asians plan to celebrate and spend during Lunar New Year 2024. We uncover their spending intentions on food, entertainment, beauty, and apparel as part of their preparations, as well as their perspectives on promotions and deals during the festive season. This study also analyzes the broader implications of these decisions on their personal economic outlooks as they step into the new year, providing a comprehensive understanding of the economic currents and consumer sentiments that characterize this joyous time of year.
The most common food products/services that Southeast Asian consumers will spend on for Chinese New Year are:
Consumers intend to spend on these personal care/beauty products/services:
52% of respondents expect that their overall spending for Lunar New Year this year is likely to be higher than the last. Despite the inflation, the intention to spend on each category remains largely similar to last year’s.
Based on Milieu Insight surveys with N=1,000 respondents each from Singapore, Thailand, Vietnam and Malaysia who intend to celebrate Lunar New Year in 2024. The survey was conducted via Milieu Insight’s online proprietary panel, and fieldwork was conducted in October 2023.
Milieu Insight is one of the leading renowned survey software and market research companies, supporting businesses in their data-driven endeavors.
As the year of the Dragon approaches, Southeast Asians will soon be kickstarting preparations for 2024’s Lunar New Year. In Milieu Insight’s latest regional report, we reveal how Southeast Asians plan to celebrate and spend during Lunar New Year 2024. We uncover their spending intentions on food, entertainment, beauty, and apparel as part of their preparations, as well as their perspectives on promotions and deals during the festive season. This study also analyzes the broader implications of these decisions on their personal economic outlooks as they step into the new year, providing a comprehensive understanding of the economic currents and consumer sentiments that characterize this joyous time of year.
The most common food products/services that Southeast Asian consumers will spend on for Chinese New Year are:
Consumers intend to spend on these personal care/beauty products/services:
52% of respondents expect that their overall spending for Lunar New Year this year is likely to be higher than the last. Despite the inflation, the intention to spend on each category remains largely similar to last year’s.
Based on Milieu Insight surveys with N=1,000 respondents each from Singapore, Thailand, Vietnam and Malaysia who intend to celebrate Lunar New Year in 2024. The survey was conducted via Milieu Insight’s online proprietary panel, and fieldwork was conducted in October 2023.
Milieu Insight is one of the leading renowned survey software and market research companies, supporting businesses in their data-driven endeavors.