Shenzhen's consumer goods retail sales, a major indicator of consumption growth, reached 695.9 billion yuan (US$108.76 billion) in the first three quarters of this year, up 15.1 percent year on year, according to the city’s recently released macroeconomic data, Shenzhen Special Zone Daily reported.
Meanwhile, the city’s shopping season, which lasted three months from August to October, saw participating businesses achieve more than 106 billion yuan in total sales, up nearly 26 percent year on year, statistics from the Shenzhen Municipal Commerce Bureau showed.
Consumer spending has become another main driving force for Shenzhen’s economic growth, said the Daily report. New consumer spending patterns, such as livestreaming and e-commerce that have developed rapidly in recent years, have been capitalized on for the shopping season’s promotional activities.
Zhou Mingwu, deputy director of the city’s commerce bureau, said that during the city’s shopping season, well-known livestreamers were invited to participate in more than 80 livestreaming activities including a livestreaming e-commerce festival.
The retail sales of goods during the festival surpassed 8.1 billion yuan, which not only helped Shenzhen brands expand the market, but also effectively enhanced Shenzhen businesses’ influence, according to Zhou.
This year’s Shenzhen shopping season focused on the city’s traditionally competitive industries and well-known brands in fields such as automobile, clothing, jewelry, clocks and watches, and glasses.
During the shopping season, more than 300 themed consumption promotion activities were carried out in 50 shopping centers and supermarkets in the city with foot traffic of over 323 million people. Nearly 1 million discount coupons and cash coupons were issued.