Lunar New Year Marketing Strategy – Decoding Consumer Psychology

As we welcome the first post-pandemic Lunar New Year, the local economy is in the process of recovery, and many industries are still struggling to bounce back. 

Companies are facing tight cash flow, making it challenging to navigate the holiday season. 

In the past, the key to a successful Lunar New Year was to bring happiness with the motto “Happy Price for the Store, Happy Buy for the Consumer.” 

However, this may not be the case this year. With both buyers and sellers feeling the pinch, traditional marketing strategies need to be adjusted.

Is Heavy Discounting Still a Wise Move?
Take restaurants, for example. Offering discounts as steep as 30% off or even half price during major holidays might attract customers and temporarily boost sales. 

However, this approach may devalue the products or services and inadvertently affect the brand positioning. For example, customers may develop the perception that “cheap ingredients are only sold at low prices.” 

When prices return to normal, they may consider it not worth it and only be willing to spend during the discounted period.

Smart Deals and Offers
In a highly competitive market, offering deals and promotions is inevitable. 

However, instead of simply discounting prices, providing valuable gifts or incentives may have a better chance of attracting customers. 

For instance, a beauty salon could introduce a “Chinese New Year limited edition facial package” that includes their signature hydrating treatment along with a complimentary “panda eye” treatment to combat dark circles. 

During the Lunar New Year season, when people are meeting friends and relatives, women are willing to spend more to look their best. Seize the opportunity to let the target customers experience services they may not typically choose.

Retailers can launch “limited-time” products designed specifically for the Lunar New Year, utilizing the “scarcity marketing” strategy to create a sense of urgency and the fear of missing out among consumers. 

Whether it’s a unique service experience or limited edition gifts, the precondition is to ensure good quality to attract new customers or retain existing ones. 

In times of cautious consumption, customers carefully select products with the best value for money, prioritizing quality over quantity. No matter how many “nice to look at but impractical” gifts are offered, they will be of no use.

Every industry has its own unique business techniques. It is beneficial to consult with an experienced accountant to avoid unnecessary detours and help your business grow.

Find the right people and do the right things, and everyone will become an expert.

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