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October 6, 2009

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City shoppers go on a holiday spending spree

SHANGHAI'S retail sales totalled more than 1.2 billion yuan (US$176 million) during the first three days of the National Day holiday thanks to various promotions and a wedding boom.

About 800 large and medium-sized retailers turned over a combined 1.25 billion yuan from October 1 to 3, up 23.6 percent from a year earlier, the Shanghai Commerce Information Center said.

Good weather encouraged residents to go out after three days of rain ended on October 2 and that day saw the highest retail sales growth of 30.4 percent from a year ago, the center said.

Sales at department stores and shopping centers in Shanghai soared as consumers took advantage of holiday discounts and marketing promotions, such as lucky draws for cars, gold bars and holidays.

The city's major shopping centers saw sales increase 61.4 percent from a year earlier over the three days.

Sales at Shanghai Yaohan Department Store in Pudong New Area more than doubled to nearly 73.6 million yuan, followed by 50.17 million yuan at Shanghai New World Department Store on Nanjing Road W. and Orient Shopping Center's 33.85 million yuan.

Shoppers also spent more money on furniture, home appliances and food due to a wedding party boom during the eight-day holiday.

More than 40,000 couples were expected to hold their wedding ceremonies during the holiday. The center also reported a year-on-year increase of 72.9 percent in furniture sales and 13.9 percent in home electrical appliance sales during the first three days of the holiday.

Meanwhile, China's 1,000 key retailers reported a total of 14 billion yuan in sales revenue during the three days, up 15 percent from the same period last year, the Ministry of Commerce said.

Household electrical appliances, jewelry, autumn and winter clothing, and cars were the most popular items.

This was partly due to a policy approved by the Cabinet in June to spur domestic consumption by subsidizing buyers of cars and household appliances, according to the ministry.


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