Insight Report 5 minutes PremiumDigital Red Packet Transactions for Chinese New Year Continue to Be Popular in 2019 Coresight Research February 7, 2019 Executive SummaryThe 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. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: Maximizing Growth Potential in DTC: Four Tech-Driven Strategies for Direct-to-Consumer Businesses To Scale and SucceedWeekly US and UK Store Openings and Closures Tracker 2023, Week 44: Poundland Drives UK Store OpeningsUS Consumer Tracker: Declines in Avoidance and Shopping ProliferateUS, UK, EU & China Quarterly Economic Update, 4Q22: Decelerating Indicators Point Toward Economic Slowdown