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Visitors watch the Chinese New Year drum ceremony at Shanghai Disneyland on January 19, 2025. Photo: VCG

Editor's Note:

Chinese economy has continued to gain pace since the second half of 2024.  Entering the Year of the Snake now, a new wave of robust domestic consumption is expected to sweep the nation, which will sustain and accelerate economic recovery. The just concluded 8-day-long Spring Festival holiday saw new patterns of consumption, fueled by the government's new barrage of supportive policies and fiscal stimulus. Following is one of a series of six stories displaying the market potential of the world's second-largest economy.

Li Yingge, a 25-year-old white-collar worker in Beijing, went straight to Universal Beijing Resort after a long workday. She bought two of the recently released Minion blind boxes. This was her fifth visit to the theme park in six months since her graduation from college, each visit ending with a collection of souvenirs and toys.

Li told the Global Times that visiting a theme park without browsing the souvenir shops is "impossible." At first, she thought the prices were a bit high, but the appeal of the Minions and the park's reputation made the prices seem justifiable. She was more than happy to spend the money.

Chinese New Year Minion Plush Blind Box available at Universal Beijing Resort launched from December 30, 2024. Visitors can buy them at Minion Mart and Universal Studios Store for 99 yuan ($13.6) each. Photo: Universal Beijing Resort

Chinese New Year Minion plush blind boxes, about the size of a fist, are inspired by the Chinese zodiac. Each Minion features plush skin in one of 12 different zodiac animals. Launched on December 30, 2024, they are priced at 99 yuan ($13.50) each, a staff worker at Universal Beijing Resort told the Global Times.

Li's fondness for plush toys and popular IP is not unique. In recent years, an increasing number of generation Z consumers in China have been spending on these adorable but non-essential items. A McKinsey survey found that 64 percent of Chinese consumers value emotional fulfillment in their purchases, a trend that is especially prominent among the younger generation, Xinhua News Agency reported.

Another survey on the social mindset of young Chinese internet users published in 2024 by the Fudan Development Institute and other research bodies showed that younger consumers are shifting their focus away from big-ticket items like houses, cars, and home décor, toward food and entertainment products that offer them instant emotional satisfaction.

'Emotional consumption' 

"I love the zodiac series. Each one is adorable, and it's even better when you get your own zodiac. My first one was the dragon, making it a perfect souvenir for the Year of the Dragon (2024). The quality really impressed me, giving me great satisfaction," Li told the Global Times. 

She then bought another one and got her zodiac— the rabbit. "The thrill of blind box shopping was exhilarating. After sharing it online, even friends asked me to buy a couple for them."

Young people in China are increasingly aware of their own desires, many choosing to invest in hobbies and personal happiness, valuing instant gratification. They prefer products that offer emotional value, according to Fudan Development Institute's survey. Whether it's a blind box or a pen featuring beloved characters, these items hold emotional significance that outweighs their practical use.

"Just as we finished the exciting Hot Pursuit at Zootopia, we were channeled out directly into a souvenir and accessory shop where my kid grabbed a pair of ball pens featuring Judy and Nick," said a Beijing resident surnamed Chu who returned from a trip to Shanghai Disney Resort with his family.

"I tried to reason but her look is uncompromising. I guess if Judy is coming to my home there is no reason why Nick should not. Each pen is billed at eye-watering 75 yuan. I doubt their cost is less than 17 yuan but here is a premium I must pay."

Shanghai Disney Resort has introduced nearly 260 items of Zootopia-themed merchandise. If all the Zootopia-themed hooded blankets sold were laid out flat, they would cover an area of 47,000 square meters, an area roughly the size of six and a half soccer fields, according to a statement Shanghai Disney Resort sent to the Global Times.

"These products cater to emotional needs, reminding consumers that small things in life can bring happiness," Zhang Yi, CEO of iiMedia Research Institute, told the Global Times.

In 2024, the total retail sales of consumer goods in China reached 48,789.5 billion yuan, up by 3.5 percent over a year earlier. According to preliminary estimates, the gross domestic product of China reached 134.91 trillion yuan in 2024, an increase of 5.0 percent year-on-year, data from National Bureau of Statistics of China said.

"China's consumer market is showing signs of sustained recovery, driven in part by changing consumption patterns," Zhang said.

"Unlike previous generations, today's young people, with their basic needs met, seek higher-level spiritual enjoyment and cultural experiences," Zhang said, adding that emotional consumption is a form of "consumption upgrade", where social and emotional values now influence their purchasing decisions.

New Year opportunities

At the beginning of the Year of the Snake (2025), businesses, including many foreign brands, have released products and enhanced festive experiences to resonate with the Chinese New Year's emotional significance.

Capitalizing on the Chinese preference for "luck" and "wealth" during the New Year, Bicester Village Suzhou prepared a lion dance performance at the end of January to wish consumers good fortune. 

On early February, 2025, Bicester Village Shanghai held a event of "Welcoming the God of Wealth", with the venue adorned in festive decorations. Photo: Bicester Village Shanghai

Jellycat, a British brand known for plush toys, launched Chinese New Year themed toys, including a dragon, red lantern, and snake. A customer service representative from the online Taobao store told Global Times that inquiries about the snake toy surged prior to the Spring Festival.

Jellycat, a UK toy brand, saw its snake series plush toys gain popularity among Chinese consumers during the Year of the Snake. Photo: screenshot of Jellycat's Taobao official store

The annual Central Economic Work Conference held in Beijing in December 2024 called for intensified efforts to boost domestic consumption, improve investment efficiency and expand domestic demand on all fronts in 2025.

With product quality and variety becoming similar, consumers are increasingly spending on things that bring them joy. Market trends are shifting toward helping consumers achieve a sense of satisfaction and well-being while shopping, Zhang said.

"The trend of emotional consumption will only grow. Consumers who prioritize emotional value tend to purchase more and feel more satisfied, while brands that cater to this trend can drive stronger sales," Zhang said.