Study: Spending intention for Chinese New Year in Southeast Asia

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January 6, 2023

Milieu Team

Featured on Branding in Asia, Campaign Asia and Marketing Interactive.

Southeast Asians will soon be kickstarting preparations for 2023’s Chinese New Year. In a Milieu Insight study, N=5,000 respondents (N=1,000 each from Singapore, Thailand, Vietnam, Malaysia and the Philippines) revealed how much they intend to spend on food, entertainment, beauty and apparel in preparation for Chinese New Year. The study was conducted in December 2022 via Milieu Insight’s proprietary online panel.

Singaporeans, compared to other Southeast Asians, are more likely to spend Chinese New Year overseas

In most Southeast Asian countries, majority of people are looking forward to celebrate Chinese New Year in the home countries
Whereas in Singapore, 11% intend to spend the extended holiday overseas

Spending on fashion

53% of those who intend to spend on fashion are most likely to be shopping in physical stores. Meanwhile, 18% intend to do so via brands’ or fashion retailers’ websites/ apps and 28% on marketplace ecommerce platforms
Singapore shoppers are most likely to shop in-person (66%) versus other Southeast Asian countries

Spending on food products/services

The most common food products/services that Southeast Asian consumers will spend on for Chinese New Year are:

Fresh fruits and vegetables (63%)
Sweet snacks & Confectioneries (eg. biscuits, candies, chocolates) (50%)
Non-alcoholic beverages (eg. milk, tea, soda) (44%)

Spending on personal care/beauty products/services

Consumers intend to spend on these personal care/beauty products/services:

Hair cut/styling (73%)
Facial treatments (50%)
Body treatments (eg. waxing, toning) (28%)
Nails (i.e manicure, pedicure, nail art) (26%)
Eyelash curling/extension (12%)

Spending on entertainment/leisure activities

The top activity that Southeast Asians intend to spend on is domestic travel/staycations (43%) - this is most common in Thailand (66%)
Other activities that top the list are movie tickets (42%) and streaming services (32%)

54% of respondents expect that their overall spending for Chinese New Year this year is likely to be higher than the last. Despite the inflation, intention to spend on each category remains largely similar to last year’s.