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Chongqing's Consuming Market Resumes in New Formats

By RAN ZHENG|Dec 08,2022

Chongqing- Consumption is gradually returning to the market with the orderly resumption of production in Chongqing, where restaurants, shopping malls, and food markets have recently resumed operation.

On December 5, Chang'an Minsheng Logistics Storage Center staff, located in Chongqing Liangjiang New Area, put vehicles in stock.

On December 5, Chang’an Minsheng Logistics Storage Center staff in Chongqing Liangjiang New Area put vehicles in stock. (Photo/ Zhang Jinhui)

Consumption promoted in all sorts of ways

Merchants in Chongqing seek ways to encourage consumption and minimize the losses caused by the epidemic because consumption has become a major driving force for boosting the economy’s stable recovery.

Chongqing New Century Department Store Co. Ltd., engaged in the operation of department stores and supermarkets, as well as the wholesale and retail of electrical appliances for Chongqing locals, has launched live-streaming e-commerce activity during the lockdown period. The sales become livestreamer to promote clothing, cosmetics, electrical appliances, and digital products and establish coupon-grabbing discount activities at a specific time.

According to the staff in charge of Chongqing Department Store Co., Ltd., a China-based company engaged in operating department stores and supermarkets, most brands in the shopping mall have increased their promotion through live streaming after the resumption. By December 5, some brands’ online sales accounted for over half of their daily sales.

Many yoga studios and sports shops in Chongqing, taking advantage of the World Cup heat, launched online sports classes to drive the sales of related products.

Next, these shopping malls will hold promotional activities for the Double Twelve shopping festival and New Year’s Eve promotion.

According to Alibaba, the concept behind Double Twelve is to profile small and medium-sized brands that may have been trampled by larger businesses on Singles’ Day, serving as the steroid-pumped Chinese version of Black Friday.

Experts called for policy support 

Liao Chenglin, a professor at the School of Economics and Business Administration of Chongqing University, believes that Chongqing’s consuming market will recover its prosperity under the new epidemic prevention and control policy.

While in the short term of the period, Liao predicts that only a few people will go out to spend money due to their concerns about catching COVID, and the frequency of people’s consumption may also be affected.

On this front, Mo Yuanming, a researcher at the Chongqing Technology and Business University, suggested that merchants should introduce more new consumption formats, products, and scenes. For example, to build a children’s shopping park that integrates exhibition, interaction, and family activities or an experienced shop store that combines technology, decoration, intelligence, and sightseeing.

“At present, market players in the commercial and trade service industry are most short of funds and are facing increasing pressure of stock cost. The government may focus on this issue and release more practical policies to help them survive,” said Liao.

Liao continued that under the controllable risk, financial institutions can reduce the financing threshold and extend the deferred repayment and interest payment period. The threshold, qualification, and salary system for flexible staff need to be relaxed so that the enterprises will have more functional space to lower labor costs.

(Tan Jingyue, as an intern, also contributed to this report.)

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