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Chinese boosts New Year spending by 50 percent


02-06-2016 06:14 BJT

Full coverage: 2016 Spring Festival

The Lunar New Year may be a few days away but the festivities are already in full swing. A survey conducted by United Overseas Bank of Chinese consumers has revealed some surprising results. Overall, respondents intend to spend an average of 28,941 yuan each to usher in the Year of the Monkey, more than 50 per cent higher than last year’s budget of 18,832 yuan. The number of those planning an overseas holiday doubled to 22 per cent, compared with last year’s 11 per cent. Southeast Asia is one of the top travel destinations.

This year, more than half (51 per cent) of the respondents said they will spend more on “red envelopes”. But despite the higher overall budget, respondents appear to be more prudent in 2016. Among those receiving red envelopes, three quarters said they would save the money, nine per cent higher compared with that of last year. That's due to a murkier outlook for the economy in 2015. However, the number of those who plan to invest decreased by two per cent to 43 per cent.

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