We bid farewell to the Year of the Tiger on January 21 and hello to the Year of the Rabbit on January 22 as the Spring Festival kicks off. The largest annual human migration kicks off two weeks of celebration, travel, parades, housekeeping, and gifts alongside a factory closure that slows down the supply chain every year. With a softer post-holiday market than in typical years, many analysts expect a solid upturn to happen after Spring Festival.
The Year of the Rabbit brings a time of abundance, confidence, and energy to the world, softening the atmosphere from the more aggressive Year of the Tiger and offering a gentle respite before we move into the Year of the Dragon. The Year of the Rabbit lasts from January 22, 2023, until February 9, 2024. Lucky numbers include 3, 4, and 6; lucky colors red, blue, purple, and pink; and lucky directions of east, south, and northwest. Factories will shut down for two weeks so workers can travel home to spend the celebration with their families. Parades, fireworks, housekeeping, and trading bright red envelopes full of cash are crucial parts of the Spring Festival / Lunar celebration.
For shippers who are ordering manufactured goods from China or other Asian countries, the two-week break should allow for some adjustments to take place in the supply chain. Since Chinese exports are tumbling, the blanked ocean sailings will skip the shuttered ports, offering a little time for cargo to build up and fill the first ships to hit after the reopening.
Navigating the pace of logistics is complicated, and shippers need a partner who understands the social, cultural, and critical aspects of the myriad cultures we work with. If you’re concerned about maintaining your inventories through the Lunar New Year shutdown, contact your Nelson representative today for more assistance.