Shanghai's Chinese New Year Spending Hits 60 Billion Yuan

Consumer spending in Shanghai surged to 60.35 billion yuan (US$8.3 billion) during the Chinese New Year holiday, marking a 12.8 percent increase from last year as the city embraced the Year of the Horse.

Offline consumption accounted for 36.55 billion yuan of the total, rising 15.4 percent, while online spending grew 8.9 percent to 23.8 billion yuan between February 15 and 22, according to data released Monday by the Shanghai Commission of Commerce.

The city's "New Year Consumption Season" featured more than 300 daily events, ranging from horse-themed art installations to lantern shows, which drew massive crowds to major commercial hubs. The 19 key business districts monitored by authorities reported 4.78 billion yuan in sales, a 12 percent jump, with foot traffic surging 15.8 percent to an average of 3.19 million daily visits.

Standout performers included the North Bund, where sales spiked 36 percent driven by new light installations, and the Nanjing Road Pedestrian Mall, which saw a 30 percent rise in sales at major shopping centers like Hongyi Plaza.

Dining also saw a strong rebound, with in-store catering consumption up 15.2 percent. A "Global Food Festival" involving over 500 merchants helped drive an 80 percent revenue increase for participating businesses.

Green consumption was another highlight, driven by trade-in subsidies for home appliances and electronics which generated 299 million yuan in sales.

The tourism sector flourished as well, with tax-free sales to overseas visitors hitting 80 million yuan, a 1.5-fold increase. Domestic tourists from neighboring Jiangsu, Anhui, and Zhejiang provinces accounted for the bulk of non-local spending.