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Appliance retailers eye shopping fest to boost sales
By Lu Nengneng |
September 7, 2011, Wednesday
|
Online Edition
Online Edition
HOME appliance retailers plan to make the most of the upcoming Shanghai Shopping Festival to boost their sloppy sales growth.
China's two largest home appliance retailers, Suning and Gome, will both be present at the one-month event that starts on Friday and plan to attract customers who now have more money at their disposal after the new income tax cuts took effect on September 1st.
"We plan to invest 300 million yuan in marketing to chalk up 2 billion yuan worth of deals during the festival, which amounts to 20 percent of our annual sales target," said Tao Jinghai, the general manager of Suning's Shanghai branch.
The country's biggest appliance retailer saw revenue growth slow down for a sixth quarter, and its profit growth decelerate for a second quarter in a row by the end of June. It received 44.23 billion yuan in revenue and only 2.47 billion yuan in profit in the first half of this year.
"A jump in home appliance sales can also lead up the overall consumer products market, which experienced a huge deceleration during the first half of this year from a year earlier," said Xu Wenjie, the director of the Business and Trade Management Office at the Shanghai Municipal Commission of Commerce.
Consumer products in Shanghai gained 11.5 percent in sales compared with the same period last year, which is below the targeted annual rate of 12 percent.
China's two largest home appliance retailers, Suning and Gome, will both be present at the one-month event that starts on Friday and plan to attract customers who now have more money at their disposal after the new income tax cuts took effect on September 1st.
"We plan to invest 300 million yuan in marketing to chalk up 2 billion yuan worth of deals during the festival, which amounts to 20 percent of our annual sales target," said Tao Jinghai, the general manager of Suning's Shanghai branch.
The country's biggest appliance retailer saw revenue growth slow down for a sixth quarter, and its profit growth decelerate for a second quarter in a row by the end of June. It received 44.23 billion yuan in revenue and only 2.47 billion yuan in profit in the first half of this year.
"A jump in home appliance sales can also lead up the overall consumer products market, which experienced a huge deceleration during the first half of this year from a year earlier," said Xu Wenjie, the director of the Business and Trade Management Office at the Shanghai Municipal Commission of Commerce.
Consumer products in Shanghai gained 11.5 percent in sales compared with the same period last year, which is below the targeted annual rate of 12 percent.
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