(Yicai Global) May 6 -- Consumers in Shanghai have splurged CNY15.7 billion (USD2.2 billion) during the first 24 hours of the eastern city's shopping festival dubbed Double Five that started on the evening of May 4.

Shanghai-based retailers' sales surged as discount coupons attracted consumers, according to the municipal commerce commission. The city's two-month-long May 5th Shopping Festival with its more than 700 promotional events is part of the regional administration's efforts to rekindle consumer demand amid the easing Covid-19 epidemic.

Just a minute after the shopping extravaganza began, sales on Alibaba Group Holding's Tmall platform exceeded CNY100 million (USD14.1 million), according to data from the Hangzhou-headquartered parent. From May 1 to May 3, during the Labor Day holiday, daily offline sales more than doubled in the company's grocery store chain Hema Fresh from a month earlier. Meanwhile, online sales rose by 40 percent.

Shanghai residents placed more than 2 million orders worth a total of CNY150 million on bulk-buy platform Pinduoduo during the first 20 hours into the event. From May 1 to May 5, the Shanghai-based company has issued more than CNY2.5 billion in vouchers and its online and offline sales have so far amounted to CNY1.2 billion.

Beijing-based lifestyle and takeout giant Meituan Dianping has distributed CNY1.2 billion in coupons in Shanghai. Each one-yuan coupon can spur about CNY15 (USD2.10) in spending, so the effect on consumption is expected to be strong during the holidays, said Vice President Mao Fang.

Electronics retailer Suning.Com has issued vouchers worth CNY2 billion, applicable to its 800 stores in Shanghai, to 6.2 million people by last evening. More than 50,000 of them have been used already.

Editor: Emmi Laine