Beijing consumers spend 2 trillion yuan in three quarters

0 Comment(s)Print E-mail, November 4, 2019
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Beijing recorded 1.98 trillion yuan (US$281.2 billion) in its consumer spending over the first three quarters of 2019, a year-on-year increase of 7.7%; service-associated spending registered 1.1 trillion yuan, a rise of 10.2%, accounting for 55.6% of the total consumer spending, according to the Beijing Municipal Bureau of Commerce.

The bureau attributed the numbers to customized policies that pushed for the upgrading and transformation of the department stores, and development of the "nighttime economy."

10 pilot traditional department stores

The Municipal Bureau of Commerce launched measures this year to help traditional department stores keep up with new consumer trends. Ten pilot enterprises were selected to participate, including Chang'an Market, Xidan Shopping Mall, and Landao Building.

Some measures have already borne fruit, exemplified by Wangfujin Department Store which introduced popular programs such as Hamleys and Heping Guoju. Chang'an Market and Guotai Plaza have been closed for renovations and are expected to reopen during the Spring Festival of 2020. Xidan Shopping Mall and Landao Building are working with domestic and foreign design companies and considering renovation proposals.

The bureau has laid out plans to upgrade traditional department stores in Beijing. The project planning, construction, billboard placement, landscaping, transport facilitation, brand introduction, and business model readjustment will all be addressed. Platforms will be established through efforts from district-level governments as a way to introduce internationalized sales service and connect them with traditional department stores.

Building diverse and quality nighttime economy

Longfu Temple is becoming the new landmark for nighttime consumer spending, as bookstores, art museums, cultural centers, and unique delicacies at night spring up around the 600-year-old structure.

Nighttime economy is not just about eating and drinking; it also offers quality services with culture and arts. Beijing businesses have been trying to build a high-quality consumer market since this year.

Apart from that, museums, monuments, and art galleries are extending their open hours with various cultural nocturnal events; scenic areas and sports facilities are doing the same, helping Beijing's nighttime economy to grow rapidly.

The commerce authority will also introduce a nighttime consumer guide and work on creating a nighttime economy development plan to build a brand named "Night-life Beijing" and boost the economy.

"We are committed to growing high-quality nighttime economy and will expand new consumption areas and cultural events to avoid homogenous and low-level development," said a spokesperson from the Beijing Municipal Bureau of Commerce.

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