International retail perspectives - The Asian New Year
In case you missed it, Monday January 26th was the start of the Asian New Year. The Lunar New Year is a classic example of why US based companies need to increase awareness of international holidays and their potential impact on retail abroad and in the US.
Asian and Vietnamese families celebrate more than just the day starting of the Lunar New Year. Most gather family and friends and will celebrate this entire week … some as long as 15 days. Now this is my kind of “eat about it” New Year’s celebration!
Lunar New Year Gift Giving – The Red Envelopes
Most Asian families, including Asian Americans observing the holiday, gather family and friends for dinners and intimate gatherings. It is customary to give relatives and children traditional “red envelopes” containing monetary gifts.
Western economies could use the Lunar New Year red envelope tradition to stimulate retail right now!
Not so Fast – There is more than One Start of Lunar New Year
While most Chinese and Vietnamese will celebrate the Lunar New Year this week, different Asian cultures such as Cambodian, Hmong, Lao and Thai observe their New Year celebrations in February, March, April or even in December.
Like many widely observed holidays, the Lunar New Year celebrations have been adapted to school schedules … and yes, to take advantage of local and cultural retail opportunities.
First rule of international retail, ALWAYS check the local calendar for observance of key cultural events and holidays.
International Retail University Perspectives & Workshops
As I embark on delivering international Retail University workshops this year, we are compiling seasonality factors based on different regional and cultural patterns and holidays. We welcome any input you might have regarding international perspectives, patterns and differences impacting retail.
I look forward to reporting back first hand experiences from this year’s Retail U workshops scheduled in Europe, Asia Pacific and China.
Year of the Ox – Perspectives and Trivia
Bill Imada has written a great article in Ad Age summarizing Asian interpretations of the “Year of the Ox”. His summary of the Ox seems most appropriate for this coming year whether we use the Gregorian or Lunar calendar:
The Ox is the second icon in the Asian zodiac. Because of its position near the top of the zodiac hierarchy, the Ox typically represents a period of renewal and rebirth, or a fresh start
People born in any of these years would be Oxen: 1913, 1925, 1937, 1949, 1961, 1973, 1985, 1997 and 2009.
May you find reasons to celebrate renewal in the Year of the Ox!