According to data from the Shanghai Commerce and Consumer Market Big Data Laboratory (Shanghai), during the New Year’s Day holiday (January 1–2), Shanghai’s average daily consumer spending reached 12.2 billion yuan, a 2.5% increase compared to New Year’s Day 2025 (January 1). Of this total, daily offline spending averaged 6.49 billion yuan, remaining flat compared to last year. Daily online spending averaged 5.71 billion yuan, a 5.5% increase year-over-year. Daily foot traffic across 35 key commercial districts in the city averaged 6.399 million visits, a 5.4% increase year-over-year. Spending by tourists visiting Shanghai and the number of tourist visits increased by 4.4% and 7.0% year-on-year, respectively. Consumers from the Yangtze River Delta region accounted for a significant share of spending in Shanghai, with Jiangsu representing the highest proportion of consumer visits at 21.3%, followed by Zhejiang at 8.9%. Inbound consumption saw strong growth, with the cumulative number of tax refund applications processed by Shanghai’s outbound tax refund system increasing by 253% year-on-year, while the corresponding tax-refunded sales volume rose by 132.6%. (Yicai)