Spring Festival Spending: Chinese consumers gear up to spend big during holiday period
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With any major celebration or festival, comes a hefty amount of spending -- and the Chinese Spring Festival is no different. According to China UnionPay, spending by residents from first-tier cities Shenzhen and Beijing, has increased by 23 percent and 14 percent respectively, once they return home.  In January, the consumption of gold products, saw a month-on-month rise of more than 20 percent across the country, with the provinces of Guangdong, Shandong and Henan, topping the list. Spending on entertainment has also increased before the Spring Festival, with residents in Guangdong Province accounting for more than 12 percent of spending nationwide.