Shanghai welcomed in 2025 with a surge in consumer spending and a packed calendar of New Year's events.

According to the Consumer Market Big Data Laboratory (Shanghai), on-site spending from Dec 31 to Jan 1 reached 14.29 billion yuan ($1.96 billion), a whopping 27.7 percent increase compared with pre-holiday levels.

A government-backed trade-in program for home appliances and furniture is attributed to have played a key role in driving record sales on New Year's Eve, with subsidies totaling more than 64 million yuan in a single day — the highest since the program's inception.

On New Year's Day, the program expanded to include cars, e-bikes and other items, with eager shoppers redeeming coupons early in the morning to kick off 2025 with new purchases.

Shanghai's major shopping areas embraced the festivities with extended hours and special events. Nanjing Road Pedestrian Street saw nearly 90 percent of its 18,000 promotional coupons redeemed over the weekend, contributing to a hefty 22.2 percent year-on-year sales increase among key retailers.

One of the stars was Shanghai No 1 Department Store. It reported 763 million yuan in sales from 9 am to 2 am the next day, while Bailian ZX Creative Centre's anime-themed shopping area saw a massive 290 percent increase in on-site shoppers, attracting young fans with round-the-clock activities.

The city's cultural and entertainment offerings are said to have provided the perfect backdrop for the shopping boom.

Yuyuan Garden ushered in the New Year with its Lantern Festival, while Xuhui Riverside transformed into a winter wonderland featuring a popular outdoor ice rink.

Elsewhere, Suzhou Creek and Jing'an Temple came alive at night with stunning light displays. Disney Resort's Castle Light Show captivated visitors with an entrancing mix of music, visual projections and pyrotechnics.

Source: Official WeChat account of Shanghai Municipal Commission of Commerce at "scofcom"