Shanghai achieves great deal during New Year holiday

Aggregated consumption of 4.62 billion yuan ($663 million) was achieved in Shanghai during the New Year holiday, 2020, according to big data provided by China UnionPay Merchant Services Co.

During the one-day holiday, the number of foreign tourists making expenditures reached 1.16 million; their consumption at 1.3 billion yuan accounted for 28.1 percent of the city's total.

The top three shopping districts during the holiday are the city-level core downtown business districts of West Nanjing Road, East Nanjing Road and the Lujiazui Financial District.

According to the data, consumption by outside tourists accounted for the main portion or 76 percent of the total, while the consumption by tourists in Jiangsu province and Zhejiang province was relatively high, reaching 20.7 percent and 10.8 percent respectively.

A more cheerful festival atmosphere at the city's business scenes ignited the winter nights in Shanghai and evoked a wonderful atmosphere for locals and visitors alike. Some time-honored shopping stores also refreshed their exteriors to welcome shoppers from home and abroad.

A "First-store economy" further also fueled consumption in Shanghai. In the first three quarters of last year, 756 first stores were opened in the city, up 74.6 percent year-on-year, which led the country. It is expected that the city's first stores will number nearly 1,000 in 2019.

In addition, a great number of shopping malls in Shanghai launched New Year's Eve parties to celebrate the holiday and attract more purchasers.