Shanghai gets big boost from holiday shopping boom
East China's Shanghai city recently got a lift from a big boost in consumer and tourism spending during this year's National Day holiday – which saw the release of a second batch of online shopping coupons called 'Enjoy Shopping in Shanghai', as well as subsidies for green and smart home appliances.
The coupons can be used within 20 days at participating bricks and mortar outlets and with online merchants in the retail, food and beverage, culture and tourism fields and can also be used in combination with vouchers from various shops and e-commerce platforms.
During the Oct 1-7 National Day holiday, more than 135 million yuan ($18.8 million) in coupons were used, a result which was said to indicate a positive upwards trend in purchases by consumers.
According to the Shanghai Municipal Commission of Commerce, statistics showed that in-store spending on catering, automotive and home appliances grew significantly during the break, reaching 6.96 billion yuan, 1.27 billion yuan and 470 million yuan – climbing 18 percent, 76.3 percent and 300 percent, respectively, compared with last year.
Moreover, during the break, Shanghai's in-store retail spending totaled 40.77 billion yuan, up a whopping 80 percent on the holiday last year, while online consumption came in at 25.48 billion yuan, up 2.9 percent.