In mainland China, tradition continues to be shaken up by digital, and that is apparent in the growing popularity of electronic red packets to gift money when compared with Hong Kong’s use of physical lai see envelopes.

In Chinese culture, gifting money in red envelopes is symbolic of sending wishes of good fortune, a practice common during the Lunar New year and on other occasions such as birthdays and weddings.

In a survey conducted by market research firm Lightspeed Research, 80% of respondents stated they would prefer to send red packets or lai sees via Tencent Holdings’ social messaging app We Chat. This was in contrast to 69% people preferring to send physical red packets. Tencent began offering virtual red packets on WeChat in 2014 and soon other companies followed their example.

“The digital channel definitely makes it more convenient for Chinese people to send and receive red packets, a way to show fondness and good wishes,” said Aaron Guo, associate director of research at market research firm Mintel.

However, digital red packets are still not as popular among the elderly, who prefer to give tangible red envelopes to their friends and family.

It remains to be seen whether electronic red packets will continue to outpace physical envelopes, but at the moment, it seems likely. This is a prime example of how virtual goods have made its way into a centuries old tradition. How do you imagine virtual goods playing a role in your life?

BLMP ©2018, Singapore

BLMP (Blockchain Licensing Marketplace) is a blockchain technology company working to remove obstacles and facilitate trust in the complex issues surrounding Supply Chain Management transactions in the virtual goods industry.

BLMP Network uses blockchain technology to connect digital platforms around the world with global brands to monetize officially licensed virtual goods across any digital platform; from games to streaming services & social media, allowing millions of users access to a whole new world of branded virtual products.

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