New Consumption Trends: Chinese spent more on experiences this Spring Festival holiday
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Your wallets always get thinner during the holiday season. Newly released data suggests that Chinese people were spending more during this week-long holiday than ever, but with some new shopping patterns.
China's retail and catering industries made a combined revenue of 926 billion yuan over the past seven days, that's 10 percent more compared with last Spring Festival holiday. And it's supported by some new ways of spending, such as online shopping, food takeout, mobile payment, customized trips and sharing transportation. Among all, entertainment and cultural experiences are taking the lead. China Unionpay's data shows Chinese people spent 47 percent more on leisure activities such as amusement parks, and 57 percent more on movies and arts. Box office sales reached over four billion yuan.
PU JIAYUE TOURIST "I watched National Treasure, the new TV show on Chinese ancient culture, so I thought I should take this holiday to learn more about the history of our country, that makes me so happy."
Many people chose to spend the Lunar New Year on the road, instead of joining traditional family gatherings back home. Domestic travel spots registered a record high of 386 million visits, that's 12 percent more compared with last year.
Meanwhile those who traveled abroad seemed to have spent more on high-quality cultural experiences than shopping. Consumers also prefer quality goods when buying holiday gifts, and electronic devices became the new hit on the market.