Chinese Valentine's Day sparks consumption

⁠⁠⁠⁠⁠⁠⁠Qixi Festival, or Chinese Valentine's Day, is evolving beyond its original focus on love, as many young people are increasingly embracing self-expression and personal fulfillment, shifting the emphasis from romantic gifts to individual treats.

This year's Qixi Festival falls on Saturday.

At Chinese capital city Beijing's vibrant shopping zones, many people are redefining the celebration of Qixi.

"I specifically came to buy a cup of Qixi-themed coffee during my lunch break at work. Drinking this coffee is a small ritual for my hardworking day," said a resident in Beijing.

Instead of waiting for a gift from Mr. Right, many people picked gifts for themselves in stores.

"I bought a bottle of perfume. I knew there was a Qixi-themed pop-up perfume store here, so I came to check it out. It's beautiful and great for photos. It feels like the marketing isn't just targeting couples but can perfectly hit every girl," said another Beijing resident.

According to an iResearch report, singles are rapidly emerging as a significant consumer group in China, with their spending increasing by 15.2 percent to 4.9 trillion yuan in 2023.

Service providers including retailers and restaurants are taking this opportunity to launch new products and services.

Many restaurants are offering exclusive singles sets for Valentine's Day, with prices ranging from under 100 to nearly 2,000 yuan.

"We've introduced some dishes with Qixi Festival elements. The singles economy is becoming a major part of consumer spending in first-tier cities. The rate of singles in Beijing is increasing annually. We see great potential in this market, especially given the high number of office workers here who might need our services," said Yang Chunlong, co-founder of Hu Tea House Hotpot.

"We previously did a balloon giveaway on Children's Day and found that many adults liked it too. So we decided to give out balloons at the Qixi Festival. It's a day all about love, and we want everyone to feel a bit of that joy," said Wang Xuefei, manager of a store named Koukoo.

Official estimates suggest that by the end of 2024, the number of single individuals in China could surpass 300 million.

Chinese Valentine's Day sparks consumption

The European Central Bank (ECB) announced on Thursday that it would slash key interest rates by 25 basis points in a bid to wind down the restrictive monetary policy.

Effective from March 12, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50 percent, 2.65 percent and 2.90 percent respectively, said the central bank in a statement.

The disinflation process is well on track, with headline inflation averaging 2.3 percent in 2025, 1.9 percent in 2026 and 2.0 percent in 2027, the ECB said.

The decision to keep on cutting rates came at a time when the economy in the eurozone is facing increasing uncertainties.

In its latest edition of the staff projections on Thursday, the ECB lowered its forecast for economic growth in the eurozone to 0.9 percent for 2025, 1.2 percent for 2026 and 1.3 percent for 2027.

This marks a downward revision from the ECB's forecast in December last year, which had projected 1.1 percent growth in 2025 and 1.4 percent in 2026, while the 2027 outlook remains unchanged.

The ECB attributed the weaker growth outlook for 2025 and 2026 to declining exports and sluggish investment, citing high trade policy uncertainty and broader economic instability as key factors.

ECB cuts interest rates by 25 basis points