(Yicai) Feb. 5 -- Overseas tourists visiting Shanghai during the Chinese New Year holiday spent 28 percent more than in the same period last year, with the number of transactions increasing 63 percent.

Shanghai’s online and offline consumption totaled CNY46.5 billion (USD6.4 billion) between Jan. 28 and Feb. 3, according to data from the Big Data Laboratory of Consumer Market (Shanghai). 

Foreign tourists have flocked to Shanghai since China implemented its first visa-free policy in November 2023, which was later extended and expanded to more and more countries.

The Yu Garden, one of the eastern city’s most famous landmarks, reported a 15 percent increase in turnover during the holiday. The number of visitors at the Shanghai No. 1 Department Store surged 17 percent.

Shanghai also rolled out a trade-in subsidy policy for home appliances, furniture, digital products, and cars before the Chinese New Year holiday. As a result, consumers rushed to buy new goods, with the number of people redeeming subsidies on Feb. 3 doubling that on Jan. 28.

Digital products accounted for 55 percent of the total redemption amount, with smartphones being the largest category at over 42 percent. Car sales also improved significantly from last year, with some automakers recording double-digit growth.

Editor: Futura Costaglione