International data analytics company Nielsen Holdings forecast on Thursday that China’s buyers may keep the FMCG (fast-moving consumer goods) market alive while under “stay in place for holiday” measures during the country’s most important festival the Chinese New Year.
Nielsen suggested that 33 percent more of FMCG will be sold and promotions will increase by 17 percent than usual during Chinese New Year holiday.
Nielsen predicted that even though the holiday will be disrupted by restricting quarantine requirements, the Chinese New Year will still bring families and friends together but in relatively small groups.
“We predict that people will prefer to cook at home instead of going restaurant because of their concerns about the pandemic,” said Didem Sekerel Erdogan, Senior Vice President of Nielsen.
She also noted that the small-sized gathering will change the sale of alcoholic beverages. “Consumers will choose quality over quantity, thereby preferring premium brands,” she explained.
Eva Liu, senior director of Nielsen China big data consulting, expected that more people will stay at home during the holiday. “China’s e-commerce and home delivery will support the market,” said Liu.
Though some consumers may be shopping on constrained budgets due to the economic impact of the pandemic, insulated consumers will be taking the opportunity to treat themselves during the holiday by splurging on premium products, said Nielsen. (Source: globaltimes.cn)