Double Five Shopping Festival boosts market recovery
Shanghai's Double Five Shopping Festival has seen over a thousand promotional activities held in the past month, effectively boosting market recovery and revitalization.
According to the Shanghai Consumer Market Big Data Laboratory, the daily offline consumption in the first month since it kicked off (from April 29 to May 28, 2023) reached nearly 8 billion yuan (US$1.125 billion), almost the same as the same period in 2021, and soared 33.6 percent compared with the counterpart of last year.
As for online sales, during the city's digital life festival from April 28 to May 12, which is a part of the annual shopping festival, Shanghai achieved an online retail sales of 64.9 billion yuan, an increase of 37.8 percent year on year.
In terms of the key commercial districts, the 40 commercial districts monitored saw the combined sales up by 18 percent and customer traffic surging 33.2 percent. Among them, the sales of the Zhongshan Park, Nanjing Road E., and Wujiaochang commercial districts in the downtown area rocketed by 98.1 percent, 65.5 percent, and 64.6 percent respectively.
Of key product categories, domestic cosmetics brands and time-honored food brands led the growth. Sales of cosmetics, food, as well as gold and silver jewelry increased by 76.9 percent, 55.1 percent and 13.9 percent repectively. Auto sales also remained robust, with major automobile dealers in the city achieving sales of 838 million yuan during the Labor Day holiday, up 6.9 percent from the same period in 2021.
Looking ahead, the Double Five Shopping Festival is set to continue its momentum with a series of upcoming events that celebrate significant festivals and cultural activities.
For instance, the 2023 Shanghai Nightlife Festival, which runs from June 3 to June 30, will feature over 200 sports and cultural activities centered around neighborhoods, watersides and communities.
Also, an annual campaign promoting featured products as well as the culture of various countries and regions will hold 27 events this year, promoting premium imported goods and culture from over 20 countries, aiming to facilitate international trade and cultural exchange.
In addition, various districts across Shanghai will hold a wide range of activities that cater to different interests, such as night markets, waterfront experiences, and cultural tourism.
Pudong New Area, for example, will host a limited-time pedestrian street on Fucheng Road to boost evening activities, while Huangpu District will organize high-quality marketing events that demonstrate the district's exemplary role in night-time economy governance. Jing'an District will hold a series of activities on Sino-French cultural exchange and some related to international film festivals.