The 9-day Spring Festival holiday in 2026 saw the consumer market characterized by overall expansion and structural renewal. Smart products gained popularity among consumers, while service consumption also warmed up. According to business big data, the average daily sales of key retail and catering enterprises across the country during the first four days of the holiday increased by 8.6% compared to the same period in 2025. In the first three days of the holiday, sales of smart wearable devices on major platforms surged by 19.7%, with smart glasses soaring 2.5 times and smart blood glucose meters rising by 48.6%. In terms of service consumption, domestic travel spending on key platforms grew by 4.5%, and car rental orders increased by 26%. A research report from China International Capital Corporation (CICC) noted that consumer sentiment during the 2026 Spring Festival holiday improved. The extended holiday period may be a significant factor. However, against a backdrop where growth in per capita disposable income and consumer confidence related to employment still need improvement, future consumption growth may continue to rely on policy support.

Multiple major cities reported a strong start to consumption during the Horse Year Spring Festival, with trade-in programs and lottery invoice initiatives stimulating market vitality. The Ministry of Commerce, in collaboration with nine other departments, organized a special "Happy Spring Festival Shopping" event, offering consumers three main benefits: trade-in subsidies, lottery invoices, and financial support, effectively energizing the consumer market. Latest data from the Ministry of Commerce released on February 24 showed that, as of February 22, 2026, consumer trade-in programs had benefited 30.532 million person-times, generating sales of 204.54 billion yuan. The lottery invoice activity also sparked enthusiasm in many cities, boosting consumption. In Zhejiang Province, during the holiday, over 4 million people participated in the lottery invoice program, with prizes totaling more than 54 million yuan, stimulating approximately 1.5 billion yuan in consumption. In Shandong Province, during the Spring Festival, 327,000 people in Jinan, Qingdao, and Yantai participated, submitting 1.381 million valid invoices involving total consumption of nearly 520 million yuan. In Quanzhou, nearly 10 million yuan in prize money was distributed from February 14 to February 21, directly driving over 150 million yuan in consumption.

Boosted by multiple pro-consumption policies, several key cities achieved a strong consumption start for the Horse Year Spring Festival. In Beijing, sales at key monitored enterprises reached 8.45 billion yuan, with physical commerce growing 12.4% year-on-year. Foot traffic in 60 major commercial districts exceeded 51 million person-times, and spending by inbound tourists on shopping surged by 73.2%. Data from the Jiangsu Catering Industry Association indicated that during the 9-day holiday, the province's catering revenue surpassed 18.3 billion yuan, an increase of 11.9% year-on-year, with the average daily growth hitting a five-year high. According to data from the Guangzhou Culture, Radio, Television and Tourism Bureau, the city received nearly 20.1 million tourists during the Spring Festival holiday, with total cultural and tourism consumption reaching 20.1 billion yuan, up 9.3% and 11.6% year-on-year, respectively.

New consumption trends are creating space for annual domestic demand expansion, with smart glasses sales surging while the film market cools. Alongside overall growth, Spring Festival holiday consumption showed structural differentiation, with green and smart consumption emerging as new hotspots. During the 2026 consumer trade-in program, demand for smart and green products was robust. Over the holiday, sales of smart glasses and water-saving sanitary ware on key platforms increased by 47.3% and 23.2%, respectively. Furthermore, robots frequently featured in Spring Festival Gala broadcasts attracted consumer attention. JD.com data from February 23 showed that during the Spring Festival period (New Year's Eve to the fifth day), user visits for robot products increased more than fourfold year-on-year, and searches for "robot" grew 25 times. Value-added tax invoice data from the State Taxation Administration also revealed that during the holiday, sales revenue for daily household appliances, including robotic vacuum cleaners and projection TVs, rose 19% year-on-year, while revenue from electric vehicle charging surged 163.9%.

A CITIC Securities research report suggested that advancements in China's technological achievements are increasingly permeating the consumer sector. The acceleration of AI applications in 2025 has made smart consumption a key growth driver for technology-driven changes in consumption structure. The prominent appearance of robots during the 2026 Spring Festival may signal a transition in consumption forms and application scenarios from "technology demonstration" to "scenario experience," with terminal products like smart wearables potentially gaining market attention. Additionally, pet-related consumption grew during the holiday. Data from Mybank showed that demand for pet boarding and grooming services surged, with national pet store revenue increasing 61.6% year-on-year.

In contrast to the buoyant goods and services consumption, the film market during the 2026 Spring Festival holiday was relatively subdued. Data from the China Film Administration indicated that as of 9:00 AM on February 24, box office revenue for the 2026 Spring Festival period reached 5.752 billion yuan, with 120 million admissions. "Pegasus 3" led with box office earnings of 2.927 billion yuan. According to Maoyan Research Institute data, the total box office for this year's Spring Festival period fell 39.5% year-on-year, hitting an 8-year low. Only the first day of the lunar new year saw single-day box office exceed 1 billion yuan. A previous forecast by Zhejiang Securities had anticipated the 2026 Spring Festival box office could reach around 8 billion yuan, comparable to 2024 levels; clearly, the actual performance fell far short of expectations. The Zhejiang Securities analysis cited several main reasons for this phenomenon, including the lack of a blockbuster phenomenon, niche thematic appeal affecting broad audience reach, delayed word-of-mouth dissemination, and competition from fragmented entertainment options.

Overall, despite some sectors like film underperforming expectations and the continued need for recovery in household consumer confidence, supported by policy efforts and innovations in consumption scenarios, the consumer market during the 2026 Horse Year Spring Festival holiday showed overall recovery. The consumption structure continues to upgrade towards higher quality, intelligence, and experiential offerings. The positive shifts in the Spring Festival consumer market not only lay a foundation for a strong economic start in the first quarter but also open up space for expanding domestic demand throughout the year.