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Growth in retail sales down from last year
By Jin Jing |
February 1, 2009, Sunday
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Print Edition
Print Edition
SHANGHAI posted its first single digit growth in retail sales in three years during this year's Chinese New Year period as the economic downturn began to take its toll on consumer holiday spending.
Sales revenues at 389 large and medium-sized retail businesses totaled 4.27 billion yuan (US$624.3 million) over the weeklong holiday up to yesterday, up 8.4 percent from the same period last year, the Shanghai Commercial Information Center reported. The growth was 12.1 percentage points lower than last year.
"Purchases were brought forward ahead of the holiday as numerous promotions were offered in shops across the city," said Chen Yuxian, a center official.
Major city retailers including department stores, specialty shops and supermarkets launched massive marketing campaigns in the three months prior to Chinese New Year to cope with possible weak demand amid the global financial crisis.
"This made holiday consumption less outstanding compared with past years," said Chen.
The shopping spree peaked on Chinese New Year's Eve, January 25, with sales revenues reaching 728 million yuan. Average daily revenues during the seven-day holiday hit a record high of 610 million yuan.
Health care products, clothes, shoes and home appliances were the best-selling items.
Local restaurants reported a 0.15 percent rise in revenue from the previous year to 98 million yuan.
Nationally, retail sales rose 13.8 percent to 290 billion yuan, from 255 billion yuan last year, the Ministry of Commerce said yesterday.
Sales revenues at 389 large and medium-sized retail businesses totaled 4.27 billion yuan (US$624.3 million) over the weeklong holiday up to yesterday, up 8.4 percent from the same period last year, the Shanghai Commercial Information Center reported. The growth was 12.1 percentage points lower than last year.
"Purchases were brought forward ahead of the holiday as numerous promotions were offered in shops across the city," said Chen Yuxian, a center official.
Major city retailers including department stores, specialty shops and supermarkets launched massive marketing campaigns in the three months prior to Chinese New Year to cope with possible weak demand amid the global financial crisis.
"This made holiday consumption less outstanding compared with past years," said Chen.
The shopping spree peaked on Chinese New Year's Eve, January 25, with sales revenues reaching 728 million yuan. Average daily revenues during the seven-day holiday hit a record high of 610 million yuan.
Health care products, clothes, shoes and home appliances were the best-selling items.
Local restaurants reported a 0.15 percent rise in revenue from the previous year to 98 million yuan.
Nationally, retail sales rose 13.8 percent to 290 billion yuan, from 255 billion yuan last year, the Ministry of Commerce said yesterday.
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