Spring Festival holiday fuels consumption boom in east China's Shanghai

SHANGHAI, Feb. 24 (Xinhua) -- Shanghai's consumer economy opened the Year of the Horse at a gallop, with holiday spending climbing notably, according to the Shanghai Municipal Commission of Commerce.

From Feb. 15 to 22, spanning eight days of the nine-day Spring Festival holiday, the metropolis in east China logged 60.35 billion yuan (about 8.69 billion U.S. dollars) in combined online and offline spending, up 12.8 percent from a year earlier.

Offline consumption grew even faster, rising 15.4 percent, a sign that people were once again doing much of their celebrating in person.

This surge did not happen by accident. During the holiday, Shanghai rolled out its year-end consumption season, combining commerce, culture, tourism, sports and exhibitions into a dense calendar of celebration. On average, more than 300 activities were staged each day across the city.

Shanghai's appeal extended well beyond its borders. The city remained a favored destination for both foreign visitors and domestic travelers during the 2026 Chinese New Year holiday period.

Departure tax-refund sales exceeded 80 million yuan, soaring 150 percent year on year, with visitors from Hong Kong, Macao and Taiwan, as well as Russia, the Republic of Korea and the United States among those to claim the largest sums.

Also, several Shanghai districts backed the holiday shopping push with substantial subsidies, rolling out a wide range of consumer vouchers to stoke spending. Data from Alipay show that since January, districts across the city have distributed more than 110 million yuan in vouchers, helping to generate over 500 million yuan in retail and catering sales. ■