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Insight Report

Digital Red Packet Transactions for Chinese New Year Continue to Be Popular in 2019

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Coresight Research

Key Points

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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