Consumption has become the city’s new label with the onset of the Mid-Autumn Festival and the National Day holidays, plus the 2020 Shenzhen Shopping Festival in full swing, Shenzhen Economic Daily reported.
Statistics from the Shenzhen Municipal Statistics Bureau showed the total retail sales of consumer goods reached 448.5 billion yuan (US$69.34 billion) in the first half of this year, up by 23.2 percent year on year, and 4.9 percent higher than the same pre-pandemic period in 2019, showing strong market resilience and great potential. Meanwhile, the surge of different consumption models and modes further accelerates market scale advantage and unleash domestic market demand.
Mooncakes are the signature products during the Mid-Autumn Festival and one particular shop in Dapeng, time-honored and running for more than 30 years, won praise from consumers for its bean paste mooncakes, which have a crispy crust and a sweet and soft filling.
Traditional industries like jewelry and car sales have also adopted online livestreaming and immersive experience business modes to upgrade and stimulate consumption. Shuibei Jewelry Industrial Park in Luohu District is the first in its industry in Shenzhen to pilot livestreaming. Guangming International Auto City is a gathering place featuring restaurants, bars, cafes, performances and exhibitions, and activities favored by young people, in addition to car sales.
This year’s shopping festival was developed around leisure, shopping, entertainment and dining at nighttime. At Dongmen Pedestrian Street business circle, the night economy was not simply confined to traditional businesses like catering; it has broken boundaries to cover spiritual enjoyment like opera performances, visits to night museums, interaction with AI robotics, cosplay shows and e-games.
“The booming of consumption and the night economy is closely related to tax incentives and measures stimulating consumption,” the city’s taxation bureau was quoted as telling Shenzhen Economic Daily. In recent years, the taxation bureau popularized “zero-contact taxation” by issuing electronic receipts that are convenient for businesses.