January 13, 2023 – Bangkok – This Lunar New Year was vibrant compared to previous years, largely because of the sudden lifting of China’s Covid restrictions in December. People enjoyed travel and free celebration for the first time since 2019 during the country’s most significant festival. China saw 226 million domestic trips which is a 74% surge from last year during the Lunar New Year holiday, according to the state media.
Consumption has also resumed rapidly during Lunar New Year this year. Consumer spending on the payment platform Alipay more than doubled at tourist destinations from a year ago. Searches for hotel bookings surged 600% and hotel spending on the platform jumped 80%.
In this blog post, we will focus on our two primary strategic markets, Hong Kong and Taiwan, and provide insights into the trends we observed on the Skimlinks network during the recent event. We will also offer practical tips for merchants seeking to succeed in these vibrant regions in 2023 and beyond.
Lunar New Year Traffic Trends
First, let’s look into Traffic trends this year. As you can see in the below chart, people started visiting sites from the beginning of January to read Lunar New Year related content. It peaked at approximately 1 week before the actual New Year and kept attracting traffic in February. As a publisher, it is recommended that you create new articles or update existing ones by the mid to late December. As a merchant, it is advisable to start sharing your offers, deals or limited edition product releases with publishers via Skimlinks by mid to late December.
The Conversion Rate (CVR) and Earning Per Clicks (EPC) were on a positive trend starting from the opening week of the Lunar New Year (January 22nd to 28th). They reached their highest point during the subsequent week (January 29th to February 5th). As a publisher, it is crucial to increase the number of promotional articles during the second week of the Lunar New Year when consumer purchasing intent reaches it peak.
The commercial metrics from articles that focused on the Lunar New Year showed a significant improvement within the Skimlinks Network, compared to the results from the previous year. The year-over-year growth in Publisher Commissions was +119%, with a corresponding increase in Conversion Rate (+126.3%), Order Value (+272.6%), and Sales (+363.6%). It is safe to conclude that consumer confidence in the region made a robust comeback.
Top Performing Merchants in Lunar New Year
The following merchants generated the highest Publisher Commissions from January 1 to February 28 by featuring articles related to the Lunar New Year. KKday was ahead of the competition with a diverse range of package holiday offerings. They also offered restaurant deals that cater to the varying needs of consumers during the celebration season. It was followed by Chow Sang Sang, a Hong Kong-based jewelry retailer. Their jewelry featuring the Rabbit motif was highly popular and sold well during the Lunar New Year celebration. Luxury online fashion retailers, such as FARFETCH and NET-A-PORTER, have performed strongly by capitalizing on consumers’ desire to refresh their wardrobes for the new year.
Top Performing Merchant Verticals in Lunar New Year
The following are the top-performing merchant verticals that experienced a notable year-over-year increase in Total Order Value during the 2023 Lunar New Year period in the Skimlinks Network. One of the most notable trends was the significant increase in revenue for travel-related categories, with Travel experiencing a growth of 150.39% and Package Holidays seeing an increase of 317.2% year-over-year. Additionally, the eBook category grew significantly this year with +771% year-over-year uplift.
Key Topics and Top Performing Lunar New Year articles
Single Merchant Articles
Single merchant articles are on the rise, accounting for 44% of total articles. This could be attributed to the proliferation of Lunar New Year Limited Edition releases from individual merchants and brands, leading to an increase in the creation of these types of articles during the Lunar New Year. GQ Taiwan features Red and White limited color matching items from Nike with coupon codes for example.
Nike Air Force 1 ’07 Red & White Limited Colorway – Celebrate the Lunar New Year wit New Styles & Get 12% Discount Plus a Red Envelope Gift
Timely articles to capture consumer purchase intent
Yahoo Hong Kong generated higher revenue with an article featuring the Top 10 recommended luxury brand wallets. Featuring a renowned Fengshui Master, their expertise reveals secrets for selecting a lucky wallet, ensuring a prosperous year of the rabbit.
Top 10 Lucky Wallets for Year of Rabbit – Master’s Guide to Choosing for Wealth Prosperity
Outdoor activities are back!
TimeOut Hong Kong created an article featuring a variety of outside activities across Hong Kong, from the incredibly popular Chinese New Year Flower Market at Victoria Part to Cartoon Theme Park during this Chinese New Year.
Best things to do in Hong Kong during Chinese New Year
To thrive in the region in the coming year
The Year of the Rabbit brought a surge in online sales, offering a profitable opportunity for businesses to capitalize on the festive mood of consumer in Hong Kong and Taiwan. Utilizing data-driven tactics and grasping the distinctive purchasing patterns during this celebratory period, publishers and merchants can maintain their growth and reap success in future Lunar New Year celebrations in the region.