Shanghai and Millenials Dominate Chinese New Year Consumption: Tencent Financial Technology
A new report from Tencent Financial Technology indicates that Shanghai residents and millenials dominated consumer spending via Tencent platforms during the traditional Chinese holiday season.
The “2019 Spring Festival Consumer Report” (2019年春节消费报告) released by Tencent Financial Technology provides figures on spending by Chinese consumers via Wechat Pay and QQ Wallet at e-commerce, supermarket, travel, amusement and dining venues across the overall Spring Festival.
Shanghai came first in terms of consumer spending via Tencent channels, with nearly four times the volume of consumption compared to second-place holder Beijing.
Shenzhen and Tianjin took third and fourth place, while Guangzhou rounded out the top five.
The Jiangsu province city of Suqian came sixth, followed by the Zhejiang province capital of Hangzhou in seventh.
The central Chinese cities of Chengdu and Chongqing took eighth and ninth place respectively, while the Guangdong province city of Dongguan came in tenth.
Millenials overwhelming dominated consumer spending via Tencent’s fintech channels during the Spring Festival period, with Chinese born in the 1980’s accounting for a 39.98% share.
Consumers born in the 1970’s came in second at 25.25%, followed by those born in the 1990’s with a 23.08% share.