(Yicai Global) April 20 -- Shanghai’s second Double Five Shopping Bonanza, initiated last year on May 5 in the wake of the Covid-19 pandemic to boost consumption, will be on a bigger and better scale than last year and test the use of the country’s sovereign digital yuan, the municipal government said today.

This year’s festival, which has been extended to three months from two, will host almost 1,900 events to promote new products, the brand economy, the night economy and other segments, said Gu Jun, director of the Shanghai Municipal Commission of Commerce.

L'Oreal, for example, will unveil more than 100 new products and three new brands during the gala. The French cosmetics giant will also open its first global concept store and the Asian outlets for two of its brands.

Shanghai started pilot use of the virtual yuan at the end of 2020 and continues to test it in the city’s key central business districts, companies and platforms to optimize the payment environment, said SMCC Deputy Director Liu Min.

The shopping bonanza will become a signature event in Shanghai, the government said. It will focus on the transition to online shopping, support trials of the e-yuan, host livestreaming events and promote the development of contactless delivery and unstaffed retail.

Last year, the gala grossed over CNY500 billion (USD77 billion) in online and offline sales. Some 520,000 online and 100,000 brick-and-mortar stores participated. Together they held more than 170 promotional activities and 1,000 featured events.

Editor: Kim Taylor