[TechWeb] China UnionPay today released the latest consumption figures for the Spring Festival. During the 2019 Spring Festival holiday (February 4 to February 10), UnionPay online transactions reached another record high during the Spring Festival holiday. For the first time, the total value of transactions exceeded trillion to 1.16 trillion yuan, up 71.4 percent from the same period last year (New Year's Eve to June 6).
The data shows that the daily consumption of UnionPay cards during the Spring Festival increased by 74.7% year-on-year, higher than the average increase. Specifically, the consumption of gold and jewellery is popular, and the amount has increased by more than 90% year-on-year. Many people choose to purchase jewelry.
In addition, the purchase of New year's goods, temple fairs and other traditional consumption to maintain a steady and rapid growth, New year's Eve dinner, reunion dinner booking is particularly popular. In Inner Mongolia, Ningxia, Shanxi, Henan, Guizhou and other central and western regions the biggest increase in food consumption, local characteristics of restaurants are popular.
Chen Han, a data analyst at China UnionPay, said: "From the perspective of consumption composition, consumption, shopping, travel, entertainment and other four categories of consumption are the main force of consumer spending during the Spring Festival holiday this year, occupying an absolute advantage in daily consumption, accounting for a larger proportion. It increased by 4.4 percentage points in the same period last year."
His analysis, this year's Spring Festival consumption has two characteristics worth attention, first, the common people are more willing to spend money, regardless of filial piety, reward younger generation or reward themselves, the transaction has significantly increased; The second is the rapid growth of cultural, entertainment and tourism consumption, which has become a bright spot for the Chinese New year this year. "
During the Spring Festival, the number of transactions and the amount of transactions in UnionPay's mobile payment business rose 2.5 and 4.4 times respectively over the same period last year. Overseas, UnionPay mobile phone flash payment, UnionPay QR code to pay overseas transactions increased by nearly 120.