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Home arrow Market Research Findings arrow Economic Climate and Consumer Confidence arrow Research Panel Asia Conducted A Survey On Consumer Behavior...
Research Panel Asia Conducted A Survey On Consumer Behavior... PDF Print E-mail
Written by Research Panel Asia   
18 Feb 2011
during the Lunar New Year in China and Korea.

In the survey, RPA found that a majority of respondents showed stronger consumer confidence during the Chinese New Year than the previous year.

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Background
The Lunar New Year, also known as Chinese New Year, is celebrated in countries with significant Chinese populations in Asia. It is the time when people take a long vacation from work and go back to their hometown for a family reunion. People spend their money on buying presents, decorations, and food to celebrate this special holiday.

In 2011, the celebration will start on February 3rd. RPA conducted a survey on consumer behavior and confidence in China and Korea during the Lunar New Year holiday.

Findings
* 1) The average length of the Lunar New Year holidays is longer in China. 80% of respondents take more than 6 days of holidays in China, while less than 10% in Korea will take vacation days of this length.
    
* 2) Approximately 90% of respondents will give presents for the Lunar New Year both in China and Korea.(China: 90%, Korea: 87%)
    
* 3) In both countries, "cash" is the most common gift for the Lunar New Year. (China: 69.2%, Korea: 50.6%)
    
* 4) 82% of respondents in China and 52.3% in Korea answered that they would spend more for shopping during the Lunar New Year than the previous year.
    
* 5) 50% of respondents in China and 43.3% in Korea answered that they think the domestic economy will be better than the previous year.

Summary of Findings
1) The average length of the Lunar New Year holidays is longer in China. 80% of respondents take more than 6 days holidays in China, while less than 10% in Korea will take vacation days of this length.

Q: How long is your Lunar New Year vacation this year? (Including paid leaves)

In China, the most common length of holidays is 6 - 7 days (32.3%), followed by more than 11 days (24.0%). 80% answered that they will take more than 6 days holidays. In Korea, 4 - 5 days is the highest (38.7%), followed by 2 - 3 days (29.3%). Though it is the same Lunar New Year holidays, the length of vacation varies, depending on the country.

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2) Approximately 90% of respondents will give presents for the Lunar New Year both in China and Korea.(China: 90%, Korea: 87%)

Q: Are you going to give presents for this Lunar New Year? If so, please specify.

A majority of respondents answered that they would give gifts during this Lunar New Year. (China: 90%, Korea: 87%) When asked whom they will give presents to, "family and relatives" is the most answered both in China (89.3%) and Korea (77.7%), followed by "Friends" (China:41.3%, Korea:15.3%)

The graph below shows that all the answers of China are relatively higher than the ones of Korea. It indicates that the Chinese people are accustomed to giving presents to a variety of types of people during the Lunar New Year.

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3) In both countries, "cash" is the most common gift for the Lunar New Year. (China: 69.2%, Korea: 50.6%)

Q: What kind of gifts are you going to give?

Both in China and Korea, "cash" is the most common gift. (China: 69.2%, Korea: 50.6%) It is followed by "food" (65.6%) and "alcoholic beverage" (57.3%) in China, and "gift cards" (43.3%) and "food" (36.8%) in Korea.

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On the other hand, when asked what they want to receive as a gift for the Chinese New Year, only 2.0% in China and 0.7% of respondents answered "food", which is one of the top answers for the previous question.

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4) 82% of respondents in China and 52.3% in Korea answered that they would spend more for shopping during the Lunar New Year holidays than the previous year.

Q: Compared to the previous year, how do you think your shopping habits would change during the Lunar New Year?

In China, those who answered, "Increase" was 45.3% and "Increase somewhat" was 36.7%. Combining the both, it was 82% in total. In Korea, 12.3% of respondents answered, "Increase" and 40% answered "Increase somewhat," and in total, it's 52.3%. In both countries, a majority of answers were positive, showing their confidence in the economic growth of the country.

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5) 50% of respondents in China and 43.3% in Korea answered that they think the domestic economy will be better than the previous year.

Q:How do you think the domestic economy will change in 2011?

In China, out of five possible answers, 8.7% answered "Get much better" and 41.3% answered "Get better." Combining these two, it adds up to 50%. In Korea, 43.0% of respondents chose the top two answers as well.

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About Research Panel Asia
Please visit  http://www.researchpanelasia.com/

Tokyo, Japan - 4 February 2011

 
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