Population data reinforces the scale of celebration. China's National Bureau of Statistics reports a population exceeding 1.4 billion, and the Ministry of Transport tracks the largest annual human migration, chunyun, with over 2 billion trips recorded during the 2024 festival period. South Korea's population of approximately 51 million sees near-universal observance of Seollal, with the Korea Tourism Organization reporting millions of domestic and international travelers during the holiday. Vietnam's population of roughly 100 million treats Tết as the paramount cultural event, and the General Statistics Office of Vietnam tracks holiday spending as a key economic indicator. Singapore, with a population of 5.9 million, designizes Lunar New Year as a national public holiday, and the government's census data highlights the ethnic Chinese majority as the primary driver of celebrations. These figures provide a factual baseline for understanding who celebrates Lunar Year at a national level.
Economic Impact and Global Market Data
The festival generates measurable economic activity across retail, travel, and technology sectors. China's National Bureau of Statistics reported that the Spring Festival holiday generated approximately 518 billion yuan in total retail sales in 2024, a year-on-year increase of 3.9%. In the United States, the Asian American population, numbering over 20 million according to the U.S. Census Bureau, drives significant spending during the Lunar New Year, with retailers and e-commerce platforms launching targeted campaigns. Visa Inc. reported that cross-border payments from the United States to China and Vietnam spiked in the weeks leading up to the holiday, reflecting the scale of remittances and gift-giving. Samsung Electronics and Apple Inc. both release Lunar New Year-themed products and marketing, with Apple highlighting its services in local markets read more.
Travel and logistics data further illustrate the festival's economic footprint. China's State Post Bureau processed an estimated 1.8 billion pieces of express delivery during the 2024 Spring Festival period, a record high. Singapore Airlines and Cathay Pacific report elevated passenger volumes on routes to Beijing, Shanghai, Seoul, and Ho Chi Minh City during the holiday window. The global luxury sector, including LVMH and Richemont, sees a seasonal sales boost in Greater China and Southeast Asia, with Lunar New Year gift sets contributing a notable share of quarterly revenue. For financial analysts, the festival period influences short-term consumer sentiment indices and retail stock performance across Asia-Pacific markets