Shanghai sees retail spending surge during holiday
Shanghai city in East China saw a robust recovery in its retail sector – with an estimated 19.65 billion yuan ($3.05 billion) flowing through its on-site shopping tills during April 30-May 4, local media reported.
The figure represented a 30 percent surge on the same period last year, according to official data.
Data also showed that 210 large commercial enterprises in Shanghai posted total revenue of 7.38 billion yuan on the recent May 1-5 break, up 18.6 percent from the same period last year, with catering enterprises reporting a gain of 49.8 percent on the previous year.
On the evening of April 30, the 2021 Shanghai Global New Products Debut Season was officially launched. The event – which will run 90 days, will stage 130 themed promotional activities, with more than 550 domestic and foreign brands launching over 2,800 new products.
From 8 pm to 10 pm on May 1, retail sales topped an estimated 2 billion yuan in Shanghai, according to joint data provided by China UnionPay, Alipay and WeChat Pay.
Cosmetics giant L'Oreal alone brought out three new brands – as well as launching three flagship stores and over 100 new products – to celebrate the gala, as the company recently upgraded its Shanghai as its North Asia zone headquarters.
During the break, the sales of luxury goods, cosmetics and cars reportedly saw the most significant growth in Shanghai.
In the car sector, on May 1-3, sales rebounded 23.9 percent year-on-year, with the sales of new energy vehicles up by 159 percent.