As the Year of the Horse approaches, Chinese consumers are hunting online for mascots, dolls and charms themed after the zodiac animal – a pursuit industry observers say favours soft, round and playful designs over formal styles and places more weight on emotional fulfilment than material possessions or brand prestige.
This craze is boosting retail sales for plush toys and gold accessories, as is evident in toymaker Pop Mart’s sold-out Have a Good Run series of plush pendants, as well as brisk sales of domestic jeweller Chow Tai Seng’s enamel Tang Horse collections.
Since the jewellery brand launched the series in early January, its sales have surpassed 6 million yuan (US$864,600), according to data from Alibaba Group Holding’s e-commerce platforms Taobao and Tmall. Alibaba owns the South China Morning Post.
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“We see that a product’s ability to forge an emotional connection with Chinese consumers is increasingly shaping purchasing decisions,” said Maggie Xie, an analyst at S&P Global Ratings, in a report issued by the credit rating agency last week.
“Chinese consumers’ brand loyalty is waning, and the perceived quality gap between brands in the same category is also narrowing. To win over cautious shoppers, product makers are embedding emotional value into their offerings to boost desirability.”
People born in the 2000s are now among the country’s core buyer groups, and retailers across all sectors are keeping pace with the rising demand, launching creative holiday-themed products to attract festive shoppers, according to the e-commerce platforms.
