The first workday of the Year of the Rooster has started as the seven-day Spring Festival holiday came to an end on Thursday. Looking back at the past holiday, did you count how much you spent during the festival?
If not, don’t worry. The National Tourism Administration, the Ministry of Commerce and UnionPay China, together with some online shopping websites, have made a summary of Chinese people’s spending during the seven-day vacation.
According to the latest update on spending by UnionPay China, there were 286 million transactions through UnionPay, including credit cards and debit cards, which have turned out to be more than 378 billion yuan (approximately 55 billion US dollars) over the first four days of the vacation. Chinese consumers’ elevating passion for shopping has made spending over these four days this year much higher than the amount spent on the entire Spring Festival holiday of last year, when just 312 million yuan (approximately 45 billion US dollars) was spent.
Spending during Family Reunion
The Spring Festival is a time when people go home with gifts for family members and have a big dinner with their family.
According to the Ministry of Commerce, turnovers of the retail and catering services soared to 840 billion yuan (approximately 122 billion US dollars), an 11.4 percent increase compared to last year.
JD.com, one of the country’s major online shopping platforms, even took the large amount of spending a step further to see what people bought during the Spring Festival. According to its analysis of sales, people intensively placed orders on nuts, snacks, and beverages, which are considered to be a prerequisite for each family member during the Spring Festival.
Some recreational activities which are suitable for people of all ages were in full effect during the vacation, like movies and Karaoke. The national film authority released data of the national box office and showed that the film industry made three billion yuan (approximately 440,000 US dollars) during the festival, of which around 1.1 billion yuan (approximately 160 million US dollars) was from Stephen Chow’s and Hark Tsui’s film, “Journey to the West: The Demons Strike Back”, a sequel to their 2013 hit, “Journey to the West: Conquering the Demons”
Singing at Karaoke is another way families re-unite aside from dinner. According to Koubei, a daily life service app providing information and reviews on local restaurants, shops and services, Chinese consumers spent 300 yuan (approximately 44 US dollars) on average singing Karaoke on their vacation.
Spending on Tourism
During their long respite from work, having a tour of a famous cultural site was on many families’ schedule. According to data released by the National Tourism Administration, over 300 million people chose to travel around the country, who spent over 420 billion yuan (approximately 61 billion US dollars) in tourism revenue during the Spring Festival holiday, also known as “the Spring Festival Golden Week,” while 6.15 million people preferred to have a trip to other countries.
Beijing, the country’s capital, received around 9.6 million tourists, who contributed 5.22 billion yuan (approximately 760 million US dollars) to the city’s revenue in tourism, thanks to the temple fairs and upcoming the Olympic Winter Games in 2022.