China, like many Asian cultures, celebrates several festivals based on its traditional lunar calendar. While most cultures have one festival of love, China celebrates four! These festivals, both traditional and commercial, present ample opportunities for jewellers to market their products in the world’s largest gold market. Let’s explore the most popular ones and their unique charm and commercial potential.
The first is the globally popular Valentine’s Day on February 14, also known as 214 in China. The second is a digital festival of love called 520, observed on May 20. The number 520 sounds like “wǒ ài nǐ,” which means “I love you” in Chinese. During 520, jewellery brands launch special digital marketing campaigns and deals.
This year, Tiffany & Co. launched a dual-tone Tiffany Knot jewellery collection for the 520 festival. Inspired by its archives, the LVMH-owned brand reimagined the Tiffany bow from 1889 to create a dual-tone gold pendant adorned with natural diamonds. Last year, Tiffany introduced its knot jewellery in rose gold for the 520 fest.
Chow Tai Fook, China’s biggest jewellery retailer, promoted its Rouge collection during 520. Queelin, a brand owned by French luxury conglomerate Kering, launched special pieces from its Yu Yi collection featuring gold, diamonds, red agate, and red ceramic work.
The 520 festival, popular among China’s youth, has a relatively new origin. According to a survey by DLG marketing agency, this year’s 520 festival accounted for nearly 10% of the annual jewellery and watch sales on Tmall, a popular e-commerce channel.
The third notable festival is Qixi, the traditional Chinese festival of love, celebrated on the 7th day of the 7th lunar month. This year, Qixi falls on August 10. The festival originates from a 2000-year-old Chinese myth about the youngest daughter of the Jade Emperor who fell in love with a cowherd. They were separated by the Emperor but allowed to meet on the seventh day of the seventh lunar month.
Ahead of Qixi, jewellery brands introduce special lines inspired by Chinese mythology and host pop-ups at luxury malls. For foreign brands, Qixi presents an opportunity to market in lower-tier cities, where the number of aspirational luxury buyers is rising.
In 2022, Cartier launched pieces for the Qixi festival from its Les Berlingots de Cartier pendant collection in pink chalcedony and red jasper. Queelin introduced 18-karat rose gold jewellery with diamonds and pink opals. Most of these pieces are released in limited editions.
The fourth festival, Singles Day, celebrated on November 11 (11/11), is more of a shopping extravaganza than a traditional festival. Unlike other love-centric holidays, this event celebrates singles. Created by Alibaba in 2009, the festival has evolved into one of the biggest shopping festivals globally.
Singles Day, also known as Double 11, is celebrated for nearly a week and hosted by major e-commerce sites in China. Last year, JD.com, one of China’s biggest e-commerce luxury retailers, recorded its highest ever Double 11 sales, reaching $137.2 million from 60 brands. According to Bain & Co., overall sales driven by Singles Day in 2022 reached $157.97 billion.