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Holiday expenses average 40,000 yuan per person in top tier cities
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PEOPLE in China’s top tier cities are expected to spend almost 40,000 yuan (US$6,555) per person during the week-long Spring Festival holiday, including “hongbao,” or red packets, given to families and relatives, a private report showed.
Parents, children, and the children of relatives are the ones who most frequently get hongbao, a red envelop stuffed with money, Singapore-based United Overseas Bank said in a report.
The 40,000-yuan figure came from a recent survey on 2,000 people between 18 to 55 years old in China’s top 10 cities including Beijing, Shanghai, Tianjin, Chongqing, Shenyang, Chengdu, Hangzhou, Xiamen, Guangzhou and Shenzhen.
Travel costs will take the lion’s share of the respondents’ holiday budget, accounting for almost a third, while hongbao take almost 17 percent. Hangzhou, Beijing and Shanghai top the big spenders in China, according to the report.
The tradition of giving hongbao evolves with technology, and electronic hongbao have become the preferred way to received money in China, the US payment service provider Western Union said today in a report.
Over half of remittance receivers in China prefer to receive red packets electronically, directly into their bank account, according the report.
In China and other Asian countries, the red packets, containing “lucky money,” are a symbol of good fortune. Traditionally, on Chinese New Year’s Eve, children keep the red envelopes received from elder family members under their pillows to ward off evil spirits for the whole year.
Presenting red envelops during family reunions at traditional occasions is a gesture to spread luck and lift the festive sentiment, and a tradition at odds with electronic hongbao.
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