Shanghai’s second iteration of the ‘Five Five Shopping Festival’ is set to run between May and June 2021.
The festival was first launched on 5 May 2020 (hence 5.5.) by the Shanghai Government in response to the economic impact of COVID-19. Most e-commerce giants offered subsidies and vouchers in the billions to help businesses back on their feet and encourage consumerism. Over 40 companies and 60 brands across all sectors held more than 80 events during during the festival to promote and launch new products.
Last year’s event brought in 84.6 billion RMB ($13 billion USD) from offline sales and a staggering 255.1 billion RMB ($39.3 billion USD) revenue was attributed to online consumption.
Organisers have revealed that this year’s festival will be jointly held in Shanghai and neighbouring Suzhou and that it will be upgraded in all aspects. Key focusses are placed on:
- expanding high-end consumption
- encouraging brands to release new products
- and promoting domestic Chinese brands.
E-commerce giant Suning have already pledged to invest 3 billion RMB in consumer subsidies – 2 billion RMB from Suning and 1 billion RMB from Carrefour.
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