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Will your business benefit from the Chinese New Year?

Do you celebrate the Chinese New Year? The year of the rooster is nearly upon us. The world’s biggest party has already started as millions of tourists from Asia will arrive in the UK. This is good news for you as there will be a substantial number of tourists looking for places to splash their cash. As a business owner, it is crucial for you to provide your Chinese tourists with a reason to visit your business. If your business doesn’t appeal to Chinese tourists during the Chinese New Year, you will miss out on £11 million. Here are a few tips which will help you add an oriental touch to your business.

Will your business benefit from the Chinese New Year?

Why should I offer promotions during the Chinese New Year?

Do you attract a substantial number of customers? There will be a high traffic of tourists arriving in the UK for the 28th January as flight bookings have increased by 81% compared to January 2015. This shows that there will be a significant number of tourists in the UK which will increase the number of potential customers who will visit your business. Prices have decreased by 11% compared to January 2015 which will encourage tourists to spend more in your store. As a business owner, it is important to understand that Chinese tourists will spend more than average tourists as they spend £2174 per person. This is three and a half times more than tourists from other countries. Do you offer luxury items? Luxury brands will benefit from the start of the Chinese New Year as tourist spending for luxury brands will increase by 40%.

Special Promotions

Golden Week is the week coming up to the Chinese New Year which is when a substantial number of Asian tourists will land in the UK. Golden Week encourages Chinese shoppers to travel abroad which shows that there is a significant number of potential customers who will visit your business. The Chinese New Year is a golden opportunity for retailers to boost their sales which has led to the majority of businesses deciding to offer week long promotions. This puts an increased pressure on you to offer promotions as your competitors will be offering promotions. If you do not offer promotions during the Chinese New Year, you will struggle to attract customers. Do you have products which are struggling? You should offer promotions on these products as the tourists will be looking for the best offers so will purchase the products on offer. This will enable you to increase the sales of your struggling products which will increase the overall revenue of your company. Is there a time period for your promotions? During Golden Week, customers will be spoilt for choice with the number of promotions that are available to them. You should encourage impulse buys by putting a time limit on your offers. This will lead to customers purchasing products straight away as they will not want to miss out on the promotions.  

Give your products an oriental touch

Do your products appeal to the Chinese community? Even though Asian tourists will come to the country for a taste of the English culture, they will not have the same needs as the local community. As a business owner, it is important for you to be able to cater for the needs of the Asian community. If you do not offer products which cater for the needs of the Chinese tourists, you will struggle to attract customers. Not every tourist will be wanting a full English. If you sell food, you should do promotions on oriental meals such as noodles. This will lead to customers choosing your store as they know that their needs will be satisfied. In order to increase the footfall of your store, you should offer complimentary items such as fortune cookies. This will catch your customer’s attention and will lead to them visiting your store. Remember, once the customer is in your store, they will be more likely to purchase products.

Host a celebration

Are you ready to join the party? The main reason that Chinese tourists visit the UK during the Chinese New Year is to celebrate. This shows that the most effective way to lure customers into your store is by hosting an event. During the Chinese New Year, it is common for the Asian community to celebrate the New Year by hosting street parties. It is recommended for you to partner with local businesses to host a street party. This will catch the customer’s attention and will lead to a significant number of tourists visiting your store to get involved with the party. Even if the Chinese community are not interested in the products you sell, they will still visit your store to join in with the celebrations. It is a well-known fact that customers are more likely to spend money while they are enjoying themselves. This is why you should provide your customers with special offers for the duration of the event. This will encourage customers to impulse buy which will increase the sales of your business.

Will the year of the rooster be successful for you?

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