Shanghai May 5 Shopping Festival achieves fruitful results
Shanghai's prosperous night economy. [Photo/shanghai.gov.cn]
As the first large-scale consumption festival in China, the first Shanghai May 5 Shopping Festival lasted for two months and involved more than 520,000 online merchants and 100,000 offline merchants, helping economic recovery and encouraging spending.
According to data from a press conference held by Shanghai Municipal Government on July 8, 200 large commercial enterprises in Shanghai achieved a sales volume of 68.4 billion yuan ($9.77 billion) during the shopping festival, a year-on-year growth of 4.5 percent, and a month-on-month growth of 33.5 percent.
In May, the city's total retail sales of consumer goods increased by 0.6 percent year-on-year, 3.4 percentage points higher than the national growth rate.
At the same time, online retail is exploding. According to the Shanghai Municipal Postal Administration, the number of express items delivered in Shanghai reached 500 million during the festival, up 20.6 percent year-on-year. As the "first city of livestreaming in China", Shanghai saw more than 290,000 live shows during the festival, with a total of 950 million viewers.
The shopping festival has also spawned new jobs including pet photographer and 'sorting and storage' professionals, as well as new industries such as self-study rooms and Hanfu (the traditional clothing of the Han ethnic group) experiences.
"The May 5 Shopping Festival will be held every year and we will plan the second one as early as possible," said an official from Shanghai Municipal Commission of Commerce. "The goal is to help Shanghai become an international consumption center."