Global retailers cash in on Lunar New Year gifts

Global Business

Every year retailers around the globe come out with Lunar New Year items meant to attract Chinese consumers and cash in on the gift giving period. But getting it right is increasingly difficult as tastes are changing in China.

CGTN’s Karina Huber reports.

Global retailers cash in on Lunar New Year gifts

Global retailers cash in on Lunar New Year gifts

Retailers around the globe come out with Lunar New Year items in order to attract Chinese consumers. This year marks the Year of the Rooster. Literal representations of the animal are in some of the store's displays.

For five years, Bloomingdale’s department store in New York City has been paying homage to the Lunar New Year. This year marks the Year of the Rooster. Literal representations of the animal are in some of the store’s displays and in items like Lalique crystal sculpture.

Some handbags also feature roosters on them but the majority of the goods pay tribute to the holiday in more subtle ways. There are plenty of red and gold, two colors that are favored during Lunar New Year because they symbolize good luck and fortune.

In Chinese culture, the rooster represents both positive and negative traits. On the negative, roosters can be quite arrogant but they are also known to be hard-working, faithful and punctual.

Roosters act like a natural alarm clock when they crow early in the morning. It’s no surprise that many watchmakers have made special year of the rooster items. Chopard has a limited-edition 18 carat rose gold watch with a lacquer dial handcrafted in Japan. Piaget also has a limited-edition rooster watch made of 18-carat white gold surrounded by diamonds. Some clothing companies like Dolce & Gabbana have also come out with blatant rooster themed items but that comes at a risk. Some media reports in China said millennials have grown tired of literal interpretation to the Lunar New Year and are looking for something more discrete.

As Chinese consumers have become used to the annual parade of Lunar New Year items, so have American consumers become more familiar with the tradition. Bloomingdale’s says after five years, customers from all cultures now come to see what they have to offer this time of year.


Michael Zakkour discusses the huge market for zodiac-themed items

To discuss why do fashion boutiques and luxury brands launch zodiac-themed items and products each year and how huge is the market, CGTN’s Rachelle Akuffo spoke to Michael Zakkour, vice president of China/Asia Pacific Practice for Tompkins International.