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Record New Year's Day splurge in China
Online Edition
Chinese consumers are spending a record amounts, with total transaction value via UnionPay over 100 billion yuan (US$16 billion) on New Year's Day alone.
China UnionPay, the nation's central bankcard association, said the value represented an increase of 53 percent year on year, a record growth for recent years.
Transactions in supermarkets and department stores rose 52 percent while household appliances jumped 43 percent.
With gold prices in low territory, there was more spending on jewelry, up 77 percent.
Most strikingly, purchases from overseas via UnionPay's online payment services shot up by 860 percent.
The Chinese were allowed a day off for New Year according to new holiday arrangements for 2014. Last year the Chinese were allowed a three days, during which total transaction value via UnionPay cards stood at 130 billion yuan.
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