Glowing lanterns illuminate Yuyuan Garden in Shanghai during the Spring Festival. (GAO ERQIANG / CHINADAILY.COM.CN)
Shanghai’s residents spent the most, compared with their peers in other Chinese mainland cities, during this year’s Spring Festival, according to a newly published report by Tencent Financial Technology.
Shanghai topped the list in consumer spending during the Lunar New Year holidays – four times more than that of residents in Beijing — followed by Shenzhen.
Other mainland cities in the top 10 list were Tianjin, Guangzhou, Suqian, Hangzhou, Chengdu, Chongqing and Dongguan.
People in their 20s, 30s and 40s were the biggest spenders, spending nearly 90 percent of their money, while those in their 30s contributed 40 percent of the consumption, the report shows.
The report also shows that more and more people, especially the younger generation, on the mainland are going abroad to spend the Lunar New Year holidays.
People born in the 1990s were more enthusiastic about spending overseas, with more than 40 percent of the WeChat Pay overseas consumption coming from them.
A separate report by the same company shows that Hong Kong residents sent and received nearly 1 million digital red packets on Wechat Pay HK — Tencent’s mobile payment platform in the SAR — during the week-long festival.
The number of Hong Kong residents using WeChat Pay HK on the mainland also increased significantly, with transactions during the period doubling the figure recorded on non-festival days.
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