The COVID-19 pandemic has made impact on world economy, this includes both larger and smaller businesses. Under these circumstances, the recent Chinese Valentine’s Day Festival (25th of August 2020) became a very important event for so called “Romantic” industries, such as flowers, hotels, restaurants, and cinemas.
With the pandemic situation being relatively under control in China, the “romantic market” has slowly seen recoveries. The stock market also indicates the trend with movie industry index increase 0.05% and F&B increases 1.41% compared to last year. Who is the biggest winner during the festival? The data might give you the answers.
FLOWER IS NOT POPULAR NOW
99 flowers to show your love, this concept is not so popular with consumers right now. Under this special situation, offline flower shops have been greatly influenced which also have affected the florists. Even though the wholesale price of roses has tripled, it still cannot cover the cost for florists which lead to the uncertainty of retail price for flowers during Chinese Valentine’s Day. The transaction of flowers also dropped 42.5% on Chinese Valentine’s Day compared to the day before.
MOVIE INDUSTRY IS RECOVERING
Banned for almost half a year, movie industry has been facing huge challenge in this period. Wanda movie has 74% decrease in revenue for the first six months, 2020. While Huayi Brothers has a loss of over 143 million in revenue, a 52.64% decrease to last year.
Instead of flowers, the enthusiasm towards movies has risen during the festival. The presell ticket of the movie “Love you forever” reached 152 million till Aug 25th. The War movie “Eight hundred” reached 800 million in sales after showing and break the record for single day movie ticket sale globally.
TRAVEL BECOMES NEW TREND
Restaurants are still hot during the festival with hotels following. 5-star hotels grew 12% compare to last year while the overall growth of hotel industry reach 40% nationally.
The unexpected popularity goes to various travel destination nation-wide. According to the “2020 China Valentine’s Day Travel Trend Research” done by Tong Cheng, men born in 85 to 95 are very active in travel planning during the festival. Men get more romantic by bringing their girlfriend for travel and the travel search done by men grew 69%.
The trend is due to the release of inbound travel base on the controlled situation while people’s willingness for play and travel need to be satisfied. It can be expected that in the coming Mid-autumn festival and Oct holiday, the travel industry will embrace a huge growth.