Government News
E-Coupons, Subsidies Boost Shanghai's Consumption to USD9.3 Billion During National Day Holiday 2022-10-11
E-Coupons, Subsidies Boost Shanghai's Consumption to USD9.3 Billion During National Day Holiday
Shanghai’s consumption totaled CNY66.3 billion (USD9.3 billion) during the week-long National Day holiday, thanks to consumer electronic coupons and subsidies released by the eastern Chinese city’s government.
Offline consumption in Shanghai between Oct. 1 and Oct. 7 recovered to 80 percent of last year’s level to CNY40.8 billion, while online consumption jumped 2.9 percent to CNY25.5 billion in the period.
Shanghai spent CNY500 million (CNY70 million) of its funds to issue the second round of consumer e-coupons to be used at qualified vendors in retail, food and beverages, and culture-oriented tourism, Yicai Global learned. The first round of e-coupons worth CNY200 million was distributed on Aug. 26, while the third round of CNY300 million will be handed out by late November.
Visitors at commercial complexes jumped 24.6 percent between Sept. 30 and Oct. 6 from a month earlier, according to data from Shanghai’s consumer market big data lab. Global Harbor, Grand Gateway 66, and Wujiaochang Wanda Plaza logged a more than two-digit sales growth compared with a year earlier.
Thirty-five home appliances retailers in Shanghai, such as Suning.Com, Gome, Bailian Group, and Carrefour, posted CNY143 million in sales of green and smart home appliances thanks to the latest subsidies the city launched on Oct. 1, data from the lab showed.
JD.Com and Suning.Com reported a two-digit growth in sales of all categories of home appliances in Shanghai. Inquires at Suning.Com’s stores in the city surged 300 percent since the beginning of the month from the same period in September, the electrical appliance retailing giant told Yicai Global.
Automobile sales also boomed during the holiday because of favorable policies, including the issuance of more license permits. Major carmakers in the city reported CNY650 million in sales over the National Day holiday, up 6.7 percent from the same period last year, according to statistics from an industry association.
Source: Yicai Global
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