The New Year’s Day holiday in 2024 brought with it some impressive consumption data, particularly in the film and television sector. According to the Consumer Market Big Data Laboratory, offline consumer payments in Shanghai during the holiday reached 25.56 billion yuan, marking a 38.7% year-on-year increase and setting a new record. Online consumer payments also saw a significant increase, totaling 147.1 billion yuan.
The Beijing Municipal Bureau of Commerce reported that key monitored businesses in Beijing achieved sales of 2.51 billion yuan during the holiday, with catering consumption alone increasing by 27.9% year-on-year. The record-breaking consumer spending was also reflected in the New Year’s Day box office, which hit a historic high of 1.533 billion yuan, marking a 176.22% increase from the previous year.
Looking ahead to 2024, investment opportunities in the consumer and film and television sectors are being assessed. Everbright Securities remains optimistic about the long-term recovery of consumption, particularly in the gold jewelry and sportswear sub-categories. Guosen Securities is also bullish on the gold and jewelry sector, expecting the peak season to commence.
In the film and television sector, Cinda Securities noted the significance of the New Year’s Day box office, indicating that the impressive start to 2024 bodes well for the growth of the market throughout the year. The sector’s corresponding valuation in 2024 is 26.4 times, indicating potential for growth.
With a promising start to the New Year and several highly anticipated films scheduled for release in 2024, investors are being encouraged to keep an eye on the evolving landscape of the film and television market. Overall, the brisk consumer spending and record-breaking box office figures point to significant potential for investment opportunities in 2024.