Group 1 - The luxury goods market in China is experiencing a rebound, particularly around the Qixi Festival, which is referred to as "Chinese Valentine's Day," with luxury items becoming a popular choice for gifting [1][3] - According to iMedia Consulting, the types of gifts for the 2024 Qixi Festival are expected to be dominated by clothing, shoes, and bags, continuing the trend from the previous year [1] - E-commerce platforms have reported a significant increase in luxury goods sales, with brands like MK, COACH, and Burberry seeing over 70% year-on-year growth in sales during the two weeks leading up to Qixi [1] Group 2 - There is a growing emphasis on cost-effectiveness among consumers, with many opting for discounts and special offers rather than purchasing at full price [1][3] - The overall gift economy in China is on the rise, with the market size projected to reach 1.3777 trillion yuan in 2024 and 1.6197 trillion yuan by 2027, indicating a robust growth trend [3] - Experts suggest that the shift in consumer behavior reflects a move from self-indulgent spending to gifting, where value, emotional significance, and practicality are prioritized over mere brand prestige [3]

Group 1 - The luxury goods market in China is experiencing a rebound, particularly around the Qixi Festival, which is referred to as "Chinese Valentine's Day," with luxury items becoming a popular choice for gifting [1] - According to iMedia Consulting, the types of gifts for the Qixi Festival in 2024 are expected to be dominated by clothing, shoes, and bags, continuing the trend from the previous year [1] - E-commerce platforms have reported a significant increase in luxury goods sales, with brands like MK, COACH, and Burberry seeing over 70% year-on-year growth in sales during the two weeks leading up to Qixi [1] Group 2 - The focus on high cost-performance and discounts has become a common consensus among consumers, as evidenced by a consumer's decision to purchase a luxury bag through an e-commerce platform at a significant discount [1] - E-commerce platforms are actively promoting discounted luxury goods, with Vipshop launching multiple sales events ahead of Qixi, offering luxury items at historically low prices [1] - The gift economy in China has been growing steadily, with the market size projected to reach 1.3777 trillion yuan in 2024 and 1.6197 trillion yuan by 2027, reflecting the increasing importance of holiday celebrations and emotional expression among consumers [2] Group 3 - The shift in consumer behavior indicates a move from self-indulgent spending to gifting, with younger consumers prioritizing value, emotional significance, and cost-effectiveness over simply purchasing expensive items [2]