Shenzhen continues to advance its citywide payment demonstration zone initiative. According to data from the Shenzhen branch of the People's Bank of China, the number of non-cash payment transactions in Shenzhen reached 21.9 billion in 2025, a 15% year-on-year increase, with the transaction value hitting 2.5 trillion yuan, up 10% year-on-year. Beyond the overall growth in consumer spending, three key trends emerged in Shenzhen's consumer market last year: increased activity in the inbound tourism sector, a deepening integration trend between Shenzhen and Hong Kong, and enhancements in the quality and efficiency of the tax refund system for departing visitors, which continues to boost inbound consumption. Additionally, diverse payment methods have ensured a smooth consumer experience, with mobile payment acceptance steadily rising.
Spending by non-residents in Shenzhen grew by 30% overall, supported by a combination of local policies. These include Shenzhen's designation as a pilot city for developing an international consumption environment and for testing new consumption formats, models, and scenarios, alongside efforts to build international-friendly commercial districts, all contributing to the expansion and upgrading of consumption. Policies promoting trade-ins for automobiles and home appliances, transit visa exemptions, and tax refunds for departing travelers, coupled with over 1,500 annual promotional events such as the "Shenzhen Shopping Season" and "Warm Winter Consumption Season," have effectively stimulated consumer enthusiasm.
Concurrently, advancements in payment convenience for international visitors and ongoing improvements to the payment acceptance environment have provided solid support for the growth in inbound consumption, steadily enhancing Shenzhen's status as an international consumption hub. The city's active international exchanges and consistently busy Shenzhen-Hong Kong ports have driven increases in both passenger flow and spending. In 2025, immigration authorities in Shenzhen inspected 274 million inbound and outbound travelers, a 14% year-on-year increase, ranking first nationally and setting a historical record.
Specifically, non-residents conducted 190 million non-cash payment transactions in Shenzhen in 2025, totaling 26.46 billion yuan, representing increases of 28% and 31% year-on-year, respectively. Individuals from Hong Kong, Macao, and Taiwan constituted the primary group of non-resident spenders, accounting for 82% of the total transaction value. Spending enthusiasm from Hong Kong residents remained particularly high, with non-cash payment transactions reaching 126 million in volume and 15.481 billion yuan in value, up 21% and 24% year-on-year, respectively.
Furthermore, nearly 30% of spending by foreign nationals in Shenzhen originated from South Korea, Singapore, and the United States, accounting for 11%, 9%, and 8% shares, respectively. They were followed by Russia, Malaysia, and Canada, with shares of 6%, 5%, and 4%, respectively, while Australia and Japan each accounted for 3%.
It is reported that the Shenzhen branch of the PBOC, in collaboration with the Shenzhen Tax Bureau, has established a convenient tax refund system citywide that supports multiple refund channels, including cash, bank cards, and electronic wallets. Innovative nationwide measures, such as "refunds to domestic and international e-wallets," have been well-received by non-residents, further stimulating their willingness to spend in Shenzhen.
Currently, the number of ports offering tax refund services in Shenzhen has increased to six, covering major east-west border crossings. The total number of stores where tax refunds can be processed has surpassed 2,000, with over 1,000 new locations added in 2025 alone. Statistics show that Shenzhen processed 68,000 tax refund transactions throughout 2025, a 13-fold year-on-year increase, with the refund amount growing by 2.4 times and "instant refunds upon purchase" surging nearly 40-fold. Tax refund recipients came from over 160 countries and regions.
Data from the Shenzhen PBOC indicates that non-resident spending in Shenzhen is concentrated in retail supermarkets and dining, which together attracted over 70% of the total expenditure. The tourism and entertainment sectors emerged as major growth areas, with transaction volume and value increasing by 327% and 219% year-on-year, respectively.
Regarding payment methods, as products like "binding international cards to domestic wallets" and "using overseas wallets domestically" continue to be optimized and domestic wallets gain popularity, non-residents' acceptance of mobile payments has significantly improved. Combined, these methods accounted for over 70% of the total transaction value. Specifically, transactions via "binding international cards to domestic wallets" saw volume and value increase by 48.2% and 51.9% year-on-year, respectively, while "using overseas wallets domestically" transactions grew by 30.0% in volume and 28.2% in value.
Currently, non-residents still prefer card payments for large transactions. Usage of international cards for point-of-sale payments in Shenzhen accounted for 5% of transaction volume but 26% of the value. With continuous improvements to the international card acceptance environment in Shenzhen, spending via international UnionPay cards and other international bank cards grew by 45% and 19% year-on-year in 2025, respectively.
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