Shanghai bets on consumer spending to propel the battered local economy in post-coronavirus era
- The government aims to foster ‘innovative commerce’ – essentially, making better use of infrastructure, retail and cultural resources to get people spending again
- The focus will soon turn to the city’s nighttime economy, with initiatives to boost shopping, dining and entertainment in the evenings
Angus Gu, a jeweller, was one of hundreds of retailers to set up a market stall outside Shanghai’s Bund Finance Centre (BFC) at the weekend in a bid to reach shoppers beyond his loyal customer base.
The inaugural BFC Weekend Market, showcasing mainly local goods at knockdown prices, was part of a huge push by the city’s authorities to stave off recession by boosting consumption after Covid-19 lockdown.
The government aims to reignite the faltering economy by fostering what it terms innovative commerce – essentially, making better use of infrastructure, retail and cultural resources to get Shanghai’s 25 million residents people spending again.
Gu, who runs Goos Jewellery shop inside the BFC, believes his business is already benefiting from the initiative.
“The Weekend Market gave us a great opportunity to promote our products and attract new clients,” he said. “I wanted to do it myself because it is a golden opportunity to raise consumers’ awareness about our products.”