Singapore (25 June 2024) – Chinese cinema has emerged as a beacon of resilience and cultural resurgence, driven by a surge in box office revenues during key holiday seasons and a pronounced shift in audience preferences towards domestic productions. This revelation comes from a recent report by Canvas8, a global strategic insights practice renowned for its expertise in cultural and behavioural trends.
The report, titled “How Chinese Moviegoers Created a Booming Box Office,” authored by Grace Mou, highlights the robust performance of the Chinese film industry amidst economic uncertainties. It features insights from Katherine Song, a Chinese film curator and critic, and Yaling Jiang, founder of research and strategy consultancy ApertureChina.
This performance mirrors a broader trend where Chinese consumers, particularly women and Gen Z audiences, are increasingly turning to cinematic experiences for entertainment and solace. The 2024 Chinese New Year period saw domestic box office earnings soar to CNY 8.016 billion (approximately US$1.1 billion), marking an 18.5% year-over-year increase. Yaling Jiang, who publishes the consumer newsletter Following the Yuan, notes that this resurgence reflects the “lipstick effect,” where consumers prioritize indulgent experiences during periods of economic downturn.
The summer of 2023 was particularly noteworthy, with ticket sales reaching an unprecedented CNY 20.6 billion (about $2.84 billion), surpassing pre-pandemic records. Notably, Chinese women accounted for 56% of movie ticket purchases in 2022, underscoring their pivotal role in driving box office growth. Many women in China prefer going to the movies with friends, especially during holidays. Katherine Song, a Chinese film curator and critic, tells Canvas8, “Women in China enjoy their freedom now. Film is a powerful artistic outlay that helps women express themselves emotionally.”
“Chinese audiences, particularly women and Gen Z, are embracing cinema as a cultural touchstone and a means of expression,” said Yaling Jiang. This demographic trend is mirrored by a preference for locally-produced films that resonate deeply with cultural narratives and national pride.
The resurgence of interest in Chinese cinema has also led to a significant decline in the popularity of Hollywood productions, with local films dominating the market. In 2023, Chinese-made movies comprised over 85% of screenings in the country, signalling a preference for narratives that align closely with Chinese values and cultural identities.
Beyond Tier 1 cities, the cinema renaissance extends to Tier 3 and Tier 4 cities, which have seen a surge in box office attendance during festive periods. This trend underscores the growing accessibility and affordability of cinematic experiences outside major urban centers.
Looking ahead, the industry anticipates continued growth by catering to underserved audiences such as Gen Z and residents of lower-tier cities. “Young people in China are seeking narratives that reflect their values and experiences, driving demand for locally-produced content,” noted Yaling Jiang. This demographic shift is crucial for industry stakeholders aiming to capitalize on evolving consumer preferences.
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In response to these trends, industry leaders are enhancing cinematic offerings and expanding infrastructure to meet rising demand. Initiatives include the introduction of state-of-the-art IMAX theatres equipped with cutting-edge laser systems, aimed at elevating the moviegoing experience.
Nick Morris, UK-based founder and Managing Director of Canvas8, commented, “As Chinese audiences increasingly prioritize high-quality content and cultural resonance, the future of Chinese cinema appears poised for sustained growth and innovation.”
For those interested in exploring this fascinating trend further, the report “How Chinese Moviegoers Created a Booming Box Office” is available for download for a limited two-week period at: Canvas8 Report Download.
