Consumer spending booms in Beijing during Spring Festival holiday

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Beijing's traditional commerce has seen further recovery as more people visited and spent money in shopping malls under the country's "stay put" policy during the recent Spring Festival holiday.

According to Beijing Municipal Commerce Bureau, sales at shopping outlets such as Xidan Department Store, Capital Outlets, and Wangfujing Department Store during the holiday season increased by more than five times year-on-year. Third-party data also showed that the average daily foot traffic in the city's 22 major business circles increased by nearly 90% year-on-year.

Businesses managed by Hopson Commercial Properties in Beijing remained upbeat, with sales revenue and tourist visits up 81% and 15%, respectively, compared to the same period in 2019. Theater ticket sales and video game purchases ranked the highest in terms of single consumer markets. Additionally, consumer spending in high-end supermarkets, as well as on electric vehicles, cosmetics, and electronic products has increased by more than 300%. Sales in restaurants also surged and the designer toy industry is booming among younger generations.

Popular business circles around the city also stayed buoyant during the holiday. For example, sales revenue at Shine Hills in Beijing's Shunyi district exceeded 22 million yuan in seven days. Those figures are thanks to almost 250,000 individual visits, up nearly six times year-on-year and 1.5 times compared to the same period in 2019.

In addition, shopping malls in the city introduced a series of Spring Festival-themed events. Beijing Parkview Green Fangcaodi put up new year decorations which featured traditional lanterns and lion dances. The shopping center saw its sales revenue increase by 86% during this year's holiday season compared with the same period in 2019. Meanwhile, Beijing WF Central set the stage for handicraft workshops, demonstrating various local intangible cultural heritage activities, allowing consumers to experience traditional paper-cutting and learn how to make lanterns and moon-shaped fans in-between bouts of shopping.

As people were encouraged to stay put over the Spring Festival holiday to reduce the risk of infection during the travel rush, shopping malls became a vital part of the city's consumption market for their diverse business models and improved customer experience. For instance, sales revenues at shopping malls in Beijing's Tongzhou district contributed nearly 70% of the region's total monetary intake during the holiday.

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