Shopping festival in Shanghai to revitalize consumption and stabilize economy

The fourth edition of the Double Five shopping festival, which will be held in Shanghai from Sunday night through the end of June, is tasked with revitalizing consumption and stabilizing the economy of the city as a growth engine, according to official sources.

Jointly launched by the Ministry of Commerce, the China Media Group, and the Shanghai Municipal People's Government, this year's Shanghai Double Five shopping festival is part of the Ministry of Commerce's series of themed activities for promoting consumption that will last between May and December.

The event, originating in May 2020, is hoped to become a benchmark event and a key platform for developing Shanghai into an international consumption hub, according to Liu Min, deputy head of the Shanghai Municipal Commission of Commerce, during a news conference on Friday.

This year's shopping festival consists of the launch ceremony, the achievement announcing ceremony, 12 benchmark activities, themed activities hosted by Shanghai's 16 districts, among various featured activities, said Liu.

The 12 benchmark activities will include global new product debuts, nightlife festival, arts season, green consumption, automotive consumption carnival, imported products shopping festival, digital life festival, coffee culture week, global food festival, diamond and jewelry culture festival, sports consumption festival, and more.

Among all, the second Shanghai green consumption festival and the Shanghai May 5 Shopping Festival of the Yangtze River Delta Demonstration Zone kicked off on Sunday at the Shanghai Panlong Tiandi.

Officially open to the public on Sunday, Shanghai Panlong Tiandi is developed by Shui On Group. Eyeing to become an iconic regional showpiece, the project is set to contribute to the integrated development of the Yangtze River Delta region.

Focusing on culturally and environmentally driven concerns as well as a diversified retail portfolio centered on the first-store economy, Shanghai Panlong Tiandi is a shared green vision and specialized services and offerings, according to Stephanie Lo, executive director of Shui On Land Ltd.

Tapping into the special consumption demand of the region, currently Panlong Tiandi has welcomed 140 brands, covering cultural experiences, outdoor sports, home design, quality life, and Chinese and Western cuisine. "Nearly 20 first stores in Shanghai and over 60 regional first stores will be located here," said Lo.

In the past few years, Shanghai has been speeding up the introduction of first stores and new brands en route to building itself into a global consumption metropolis, and the first-store economy has become an important indicator of a city's business dynamic and resilience.

Last year, a total of 1,073 first stores were launched across Shanghai, including 12 global or Asian debuts and 133 first stores in the Chinese mainland, the official website of the Shanghai municipal government said, citing the local official Jiefang Daily report.

This year's Double Five shopping festival will also see a slew of promotions, discounts, as well as consumption coupons offered by shopping malls, enterprises, and financial organizations both online and offline, according to Liu.