Shanghai’s Big Retailers Saw Sales Climb 13.7% Over Eight-Day Public Holiday
Miao Qi
DATE:  Oct 09 2020
/ SOURCE:  Yicai
Shanghai’s Big Retailers Saw Sales Climb 13.7% Over Eight-Day Public Holiday Shanghai’s Big Retailers Saw Sales Climb 13.7% Over Eight-Day Public Holiday

(Yicai Global) Oct. 9 -- Sales at large commercial enterprises in Shanghai were up 13.7 percent year on year over an eight-day public holiday to celebrate National Day and the Mid-Autumn Festival that ended yesterday, as consumers emerged from their Covid-19 hibernation eager to splash the cash.

Some CNY12.4 billion (USD1.8 billion) was spent at 437 big retailers from Oct. 1 to Oct. 8, according to data released by the city's Big Data Lab for Consumption Market yesterday.

Brick-and-mortar outlets shifted CNY66 billion (USD9.8 billion) worth of goods, up 12.2 percent year on year, and online sales rose 15.7 percent to CNY35.9 billion, according to the Big Data Lab co-developed by the Shanghai Municipal Commerce Development Research Center, Fudan University and bank card service provider China UnionPay.

General merchandise sales were up 47.7 percent, furniture and building materials sales soared 68 percent and stationery and sports equipment sales rose 61 percent. Fourteen out of 18 offline retail sectors showed signs of improvement. Even the catering sector flickered back to life, rising by 1.8 percent to CNY5.1 billion (USD759 million).

Nine million tourists from other parts of the country visited Shanghai from Oct. 1 to Oct. 7, spending around CNY8.8 billion (USD1.3 billion), 33 percent more than was spent by visitors the week prior. They contributed 34.2 percent to the city's consumption over the holiday.

Travelers from Beijing and neighboring Jiangsu and Zhejiang provinces were the biggest spenders, accounting for 9.7 percent, 19.9 percent and 10.6 percent of visitors' consumption respectively, according to UnionPay.

Some 7.1 million Shanghai residents quit the metropolis for the holiday, spending an average of CNY1,144 (USD170 each). Their main destinations were Beijing, Suzhou, Nanjing, Chongqing and Hangzhou.

Editor: Kim Taylor

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Keywords:   Shanghai,National Day,Mid-Autumn Festival holiday