New spending trends thrive during Spring Festival holiday

CNC
Added On February 20, 2021

 The Spring Festival holiday saw new consumption patterns emerge, as people were encouraged to "stay put" to prevent the spread of COVID-19.

 
The Spring Festival traditionally features exchanges of red packets of "lucky money" between different generations.
 
Over the past few years, the tradition has been revamped by digital technologies, with grabbing virtual red packets on social media platforms becoming a new fashion.
   
This year, the older generation jumped on the tech bandwagon as well. Red packets sent by people aged 60 and above through popular online payment platform Alipay surged 210 percent month on month during the holiday, while the red packets they received also soared some 430 percent.  
 
On the Lunar New Year eve, Chinese online payment clearinghouse NetsUnion processed 67,400 online payment transactions per second at the peak time. While online payments through card payment giant China UnionPay hit a record high of 1.38 trillion yuan (214 billion U.S. dollars).
      
China's box office revenue during the week-long Spring Festival holiday ending on Wednesday hit a record high of 7.8 billion yuan, beating the same holiday in the previous years.   
 
The daily average number of movie tickets sold via Alipay surged more than 560 percent compared with January, with people in big cities such as Beijing and Shanghai among the most avid moviegoers.
 
As inter-city travels were minimized during the holiday amid strict anti-epidemic measures to reduce the risks of infections, people savored a variety of entertainment options within their cities.
 
Data from Alibaba's online travel service provider show the transaction value of local hotel bookings surged 190 percent year on year during the holiday.
 
According to Alipay, ski resorts and spa centers were among the most popular local destinations.