Shanghai sees steady growth in spending over New Year

Shanghai has reported steady growth in both online and offline spending during the New Year holiday, according to official data.

During the three-day holiday started on Friday, a total of 25.56 billion yuan ($3.48 billion) was spent at physical stores across the city, leaping 38.7 percent year-on-year, with more than 10 billion yuan ($1.4 billion) coming from the single day of December 31, 2023, statistics monitored by the Consumer Market Big Data Laboratory (Shanghai) showed.

In the meantime, online retail in the three days amounted to 14.71 billion yuan ($2.06 billion), up 7.8 percent from the same period of last year, the lab added.

Consumers from outside of Shanghai contributed 6.5 billion yuan ($0.91 billion) total expense via some 7.05 million passenger trips during the same period, surging 16.9 percent and 24.2 percent from a year ago, respectively, according to big data collected by China UnionPay.