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Chinese consumers spend more during the New Year holiday

CHINESE consumers spent 512.2 billion yuan (US$73.9 billion) during the New Year holiday home and abroad, surging 46.9 percent year on year during December 31 to January 2, country's biggest payment card issuer China UnionPay said today.

Cross-border transaction through UnionPay card maintained robust growth in Japan, Singapore, Malaysia, while growing deals also started to show in long-distance destinations such as US, Australia, France and Italy. The consumption boom sent total overseas transaction jumped 40 percent compared to a year earlier, the operator revealed.

"The younger generation tends to spend New Year’s Eve in shopping malls and friends gathering," said Chen Han, data analyst at UnionPay. "That reflected in this year's holiday consumption figures."

Daily spending such as dinning, travelling, shopping and entertainment raised 23 percent on-year during the three-day holiday. Among which, shopping accounted for more than half of the total consumption home and abroad, UnionPay said.

China UnionPay is responsible for all bank card transactions on the Chinese mainland and has extended its reach to 150 countries and regions.


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