May 5 Shopping Festival boosts Shanghai retail market
During the May 5 Shopping Festival on May 1-June 30 this year, retail spending using offline payment terminals in East China's Shanghai city reached 499.1 billion yuan ($77.04 billion), up 12.4 percent year-on-year.
Big data showed that the shopping festival contributed 7.65 percent of year-on-year growth to the bricks and mortar retail market.
Data also showed that the categories which were most lifted by the May 5 Shopping Festival last year mainly included maternity and child products, electronics products, home building materials and other household lifestyle categories.
Meanwhile, the positive effect on jewelry spending was reported to be outstanding, reflecting the more sophisticated demand and needs of consumers.
In addition, this year's shopping festival was said to have covered a wider area and had a wider range of customers.
Not only did the sales in the municipal business district increase by 50 percent year-on-year, but spending in the five new cities also increased by nearly 30 percent. The impact of the shopping festival reportedly extended to the suburbs.
The May 5 Shopping Festival in Shanghai reportedly created an integrated consumer market. It is said to have virtually established a core position and brand image for Shanghai developing as an international high-end retail hub, according to data analysis.