Double Five festival boosts consumption in Shanghai

The fourth edition of the Double Five shopping festival, which was held in Shanghai from April 29 through the end of June, has achieved its tasks of expanding consumption and promoting the city as an international consumption hub, official sources stated.

During the festival period, an average of 7.13 billion yuan worth of expenditures were made on daily basis at brick-and-mortar stores across the city, up 16.2 percent from the previous year, Liu Min, deputy director of the Shanghai Municipal Commission of Commerce, said during a news conference in Shanghai on Wednesday.

Online shoppers spent 4.77 billion yuan per day between April 29 and June 30, a year-on-year growth of 16.6 percent, Liu said, citing statistics monitored by the Consumer Market Big Data Laboratory (Shanghai).

In the same period, Shanghai's 250 large-scale commercial enterprises saw sales revenue rose 6.7 percent in comparison with the previous year, and there was a jump of 19.4 percent year-on-year in foot traffic.