(Yicai Global) Aug. 1 -- Shanghai’s third Double-Five Shopping Bonanza, which has become an important engine to spur consumption in the city and stabilize economic growth, got underway yesterday. A number of firms are letting customers escape reality and shop in a virtual metaverse.

The shopping carnival, named after the date May 5, was started in 2020 amid the early days of the Covid-19 pandemic to boost consumption. This year, companies are investing and granting subsidies amounting to over CNY10 billion (USD1.5 billion). The local government hopes that as it grows, the festival will help transform the city into a global shopping hub.

Chinese department store operator Bailian Group is offering customers virtual-reality eyewear to spend money in the metaverse. The company has lined up a series of events that will last for over three months and has given away spending vouchers amounting to CNY1.8 billion (USD266.5 million) since June 16.

The metaverse, which acts as a link between the real and virtual worlds, has opened up brand-new passages for commerce, said Bailian Chairman Ye Yongming. The metaverse is a new means for Bailian to link brands and consumers so as to attract more young spenders.

Home improvement and construction store Home Mart is letting consumers experience virtual smart homes though metaverse interactions at its outlets and digital terminals.

Chinese online travel agency Trip.com Group is subsidizing travel bookings for its customers to the tune of CNY1 billion (USD148 million). They cover nationwide tourism destinations and include middle-aged to elderly tourists as well as families and those with young children.

Editors: Xu Wei, Kim Taylor