Spring Festival Holiday Boosts Minhang's Retail Market

Credit: Ti Gong

Caption: A traditional Chinese opera performance at a shopping mall in Minhang District draws large crowds during the Chinese New Year holiday. Local shopping centers had launched diverse promotional campaigns to attract visitors and boost retail sales.

Minhang's commercial districts and scenic spots were lively and festive during the Chinese New Year holiday, thanks to the strong integration of culture, commerce, tourism, sports and exhibitions. This vibrant atmosphere signals a robust recovery in the retail market.

The offline retail spending maintained its growth momentum.

Sales at 44 key commercial establishments across the district reached 596 million yuan (US$86.68 million), marking a 14.41 percent increase compared to last year's Lunar New Year period.

Footfall exceeded 7.19 million visits, up 9.85 percent year-on-year. Particularly encouraging is the recovery in average transaction value to 83 yuan, a 4.15 percent year-on-year rise. This rise indicates a gradual restoration of consumer confidence and enhanced purchasing power.

Diverse promotional campaigns and nationwide "trade-in" programs for home appliances and electronics increased consumer spending.

As of 22 February, the "trade-in" subsidy scheme sold 40 million yuan in home appliances and home items, and the automotive consumption subsidy program received 7,776 applications for 22.5 million yuan in subsidies.

Notably, sales of gold and jewelry accessories stood out and surged 155.83 percent year-on-year. Catering spending advanced 8.49 percent.

MixC Shopping Mall, Qibao Link Plaza and Shanghai Qianwan Incity MEGA were the top shopping destinations in terms of retail revenue during the Chinese New Year.

The district's seven A-level tourist attractions welcomed 612,200 visitors, representing a substantial year-on-year increase of 58.18 percent. Revenue reached 17.30 million yuan, marking a 10.76 percent rise compared to the previous year.

As Minhang's cultural landmark, Qibao Ancient Town maintained its position as the district's major cultural tourism hub with nearly 400,000 visitors, its ancient streets bustling with crowds.

The "Xinzhuang Lantern Festival" seamlessly blended intangible cultural heritage with retail consumption around the zodiac horse. Coordinating with nearby commercial areas and shopping destinations, it attracted 300,000 holiday visitors and generated 40.52 million yuan in retail spending.

Across the district's 14 towns, sub-districts and industrial zones, 20 intangible cultural heritage events drew over 642,000 participants, injecting fresh momentum and spirit into traditional culture in a contemporary consumption setting.

Three art galleries and four museums welcomed 48,100 visitors, a rise of 0.8 percent from a year earlier as visitors embraced immersive exhibition spaces.

Travelers enjoyed discounts by presenting their high-speed rail or flight tickets for travel during this period.

Inbound visitors to the Shanghai Hongqiao International Central Business District and Huacao commercial area received travel discount vouchers at the Hongqiao Xintiandi, Hongqiao Paradise Walk and Qianwan Incity MEGA.

The scheme successfully boosted footfall and consumer spending, and the combined sales of the Shanghai Hongqiao International Central Business District and the Huacao commercial area surged 112.7 percent.