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April 21, 2021

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City gears up for shopping festival

SHANGHAI will launch around 1,900 promotional activities during this year’s Double Five Shopping Festival from April to June.

The city also released 12 measures to further foster consumption yesterday, focusing on the festival, upgraded consumption, digital transformation and support systems.

They are aimed at expanding and improving the city’s consumption, and accelerating the development of Shanghai as an international consumption center.

Compared with last year, the second Double Five Shopping Festival will be larger, better in supply quality, wider in scope, and more practical in benefiting consumers, said Liu Min, deputy director of the Shanghai Commission of Commerce.

Over 130 debut events will be launched this year. 

L’Oreal Group, for example, will introduce over a hundred new products as well as three new brands. It will also set up its first concept flagship store. Two brands owned by the group will open their first stores in Asia in Shanghai during the festival.

Bright Food Group will roll out over a hundred new products from over 3,000 online platforms and offline stores.

Financial institutions such as the People’s Insurance Co (Group) of China, the Agricultural Bank of China, and China UnionPay will also be part of the festival, providing services, including property insurance, financial payment and brand promotion.

Another highlight is the pilot application of digital yuan. 

By the end of last year, the city’s commerce and trade industry has been pushing forward trials of the digital yuan. Many key commercial districts, shopping malls, major enterprises and platforms are testing out the digital yuan payment system, Liu said.

Meituan Group will support the testing of digital yuan payment on some online platforms of the group and with certain offline merchants who cooperate with Meituan.

In the newly released measures to boost consumption, Shanghai raised the importance of the Double Five Shopping Festival, clarifying its goal to develop it as an emblematic campaign of the establishment of a consumption center.

More efforts will be made to promote upgraded consumption, including expanding high-end consumption, encouraging brands to debut new products in the city and enhancing the influence of local brands.

The city plans to support companies to set up more high-end flagship stores and experience stores. 

A new round of subsidies will be offered for replacing old cars with new ones, and enterprises will be encouraged to give discounts to consumers to phase out old household appliances and buy new products that are smart and environmentally friendly.

Digital transformation will be further deepened, with the establishment of demonstration areas and pilot projects of the digital yuan application.

In terms of strengthening the support systems, the city will promote infrastructure construction. Financial support will also be enhanced, and consumer services improved.


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