Chongqing- Chongqing remains a hub of retail excitement in 2023. Within the first half of the year, consumer goods sales peaked at an impressive 739.84 billion yuan (103.3 billion U.S. dollars), marking a 6.2% rise compared to the previous year. In June alone, growth skyrocketed to 10.2%, standing 7.1 percentage points higher than the national average, as the Chongqing Municipal Commission of Commerce reported on July 27.
The Ring is a landmark community-oriented retail destination in Chongqing's urban heart. (Photo/ Zheng Ran)
The automobile sector witnesses a notable surge, with the sales of passenger vehicles in Chongqing totaling 209,900 in the first half of 2023, a 3.0% increment. Notably, 71,500 of these are new energy vehicles, marking an astonishing growth of 45.7%. Meanwhile, household appliance sales saw an annual rise of 2.1%, which is 1.1 percentage points higher than the national average.
As a pioneering city for international consumption centers, Chongqing has welcomed over 1,100 international brands, including prominent names like Gucci's flagship store, the largest in western China, and Saint Laurent's vast flagship store. These additions continue to spearhead sales across Southwest China.
In light of these high-end brands, business districts have seen a significant revitalization. In the first six months of the year, Jiefangbei Pedestrian Street witnessed an average daily footfall of 558,000, a 26% year-on-year increase, boosting turnover by 17.5%. Guanyinqiao Pedestrian Street's unique competitive strategy has led to a diverse range of stores and shopping malls. As per Tencent's data, Guanyinqiao ranks among the top three in the nation's heat index.
Chongqing initiated several promotional campaigns in the second quarter, leading to a 20.1% annual increase in retail and catering sales during the May Day holiday.
The summer season, traditionally a high point for consumer spending, saw the Chongqing government collaborate with businesses to issue 50 million yuan worth of consumption coupons. Meituan-Dianping data reveals that since the commencement of the summer holidays, search volume for "night tour" and "night market" has grown nearly 80% compared to that of 2022.
An official with the Chongqing Municipal Commission of Commerce mentioned, "Chongqing is aiming to create new landmarks for high-end consumption, in tandem with urban development and renewal. For instance, the city's tallest building at 458 meters, the International Land-Sea Center, is slated for completion in the year's second half. It will also house a landmark shopping center."