Executive Summary
The Spring Festival, also called the Lunar New Year or Chinese New Year, ushers in a period of spending and celebrations across China and other countries that observe the festival.
- Early data released by WeChat, China’s most-used messaging app, show that 14.2% of the red packets that were sent on New Year’s Eve used WeChat’s new feature, which allows users to customize their greetings.
- Those born in the 1990s are the biggest givers and receivers of WeChat’s digital red packets, followed by those born in the 80s and then the 70s.
- The busiest time for exchanging New Year wishes in China was between 8:00 PM and 9:00 PM on New Year’s Eve (Monday, February 4).
- China UnionPay saw 81.3% year-over-year growth in the value of interbank transactions on New Year’s Eve.
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