Consumer market surges in Ningbo, boosted by government initiatives

Consumers seen in a mall in Ningbo, East China's Zhejiang province. [Photo/Ningbo Evening News]

Ningbo in East China's Zhejiang province has continued to experience significant growth in its consumer market this year.

Statistical data reveals that the total retail sales of consumer goods in the city hit 423.26 billion yuan ($59.22 billion) during the first 10 months of this year, marking a 6.3 percent year-on-year increase. Notably, the catering sector witnessed a surge in revenue, with above-quota companies generating 8.39 billion yuan, representing an 11.8 percent uptick compared to the same period last year.

Throughout the year, Ningbo has actively attracted new brands to the city in an effort to further stimulate its consumer market. The latest statistics from the Ningbo Municipal Bureau of Commerce show that over 200 new brands have been introduced to the city. The Tianyi Commercial Area alone welcomed 103 new brands, 45 of which were entering Ningbo for the first time.

The growth in consumer spending can be attributed to the strategic distribution of consumer vouchers by the local government, which has played a vital role in boosting Ningbo's consumer market. These vouchers have not only fulfilled the daily needs of residents but also been designed to support key industries such as new energy vehicles and environmentally friendly smart appliances.

For instance, 290 million yuan has been distributed through automobile consumption vouchers alone, leading to a total of 10.64 billion yuan being spent on automobiles so far this year. The implementation of policies supporting real estate and new energy vehicles is expected to contribute an additional 8 billion yuan to the retail industry throughout the year. Moreover, vouchers worth 78 million yuan for green home appliances have been distributed, leading to a total expenditure of 1.24 billion yuan.