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January 4, 2017

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New Year spending rises

CHINESE consumers spent 512.2 billion yuan (US$73.9 billion) during the New Year holiday from December 31 to January 2 at home and abroad, up 46.9 percent year on year, China UnionPay said yesterday.

Cross-border transactions via UnionPay card continued to grow robustly in Japan, Singapore, and Malaysia, while deals also started to expand in the US, Australia, France and Italy. The consumption boom boosted total overseas transactions 40 percent from a year earlier, UnionPay, China’s biggest payment card issuer, said.

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

Daily spending such as dinning, traveling, shopping and entertainment rose 23 percent annually during the three-day holiday, and shopping accounted for more than half of the total consumption at home and abroad, UnionPay said.

Offline shopping malls generated 5.65 billion yuan in revenue in the same period in Shanghai, up 9.1 percent annually, the Shanghai Municipal Commission of Commerce said in survey released yesterday.

Department stores, shopping malls and supermarkets posted double digit growth during the period, the commission said yesterday.


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