New initiative in China aims to boost consumer spending

Shanghai Launches New Campaign to Boost Consumer Spending

Shanghai has rolled out a new campaign aimed at attracting more foreign consumers to boost spending and establish itself as an international consumer hub. The city is focusing on providing convenience, diverse experiences, and showcasing new trends to appeal to a global audience.

The 5th Shanghai “Double Five” initiative highlighted the city’s array of amenities, including seamless payment options, a variety of experiential settings, popular exhibitions, and local recommendations for food, accommodation, transportation, sightseeing, shopping, and entertainment.

Currently, foreign consumption makes up approximately 30 percent of sales in Shanghai’s main shopping center. To cater to this demographic, plans are underway to offer services in more foreign languages to enhance the shopping experience for international visitors.

In addition to these efforts, financial institutions and transport authorities in Shanghai are implementing new measures to attract foreign consumers. Partnerships with over 300 companies have been established to provide exclusive tax refund services at check-out, with instant refunds available at 13 popular shopping malls.

The city is also ramping up its advertising campaigns abroad to draw more foreign visitors, encouraging them to explore Shanghai’s latest attractions, shops, and emerging business formats. The 5th Shanghai “Double Five” initiative, launched in May 2020, forms part of China’s broader strategy to boost consumer confidence and stimulate domestic consumption.

Overall, Shanghai is setting its sights on becoming a premier destination for global consumers, offering an unparalleled experience that is sure to leave a lasting impression on visitors from around the world.