Ningbo's in-store consumption surges during New Year's Day holiday

Visitors seen in a commercial block in Ningbo, East China's Zhejiang province. [Photo/cnnb.com.cn]

Levels of in-store consumption in Ningbo experienced a significant rebound over the recently-concluded New Year's Day holiday.

Based on statistics from the Ningbo Municipal Bureau of Commerce, the combined sales of 50 monitored businesses — including shopping malls, supermarkets, car dealerships, hotels, and restaurants — hit 386 million yuan ($54.02 million) in the first two days of the three-day break.

Although this figure represents a slight decrease of 1.6 percent compared to the previous New Year's Day holiday, it marks a notable increase of 5.4 percent compared to the same holiday in 2019, before the COVID-19 outbreak.

Of the 50 surveyed businesses, nine restaurants stood out by generating 10.14 million yuan in revenue, showcasing a substantial uptick of 224 percent year-on-year.

The sales figures for the seven shopping centers and eight department stores under observation were 97.75 million yuan and 112 million yuan, respectively. Despite these numbers reflecting a decrease of 1.4 percent and 2.5 percent, they nevertheless demonstrate a relatively strong performance.

The same downturn also affected the 13 surveyed supermarkets in Ningbo's downtown area, which experienced a 16.9 percent decrease in sales compared to the previous year.

In terms of consumer preferences, cosmetics, as well as jewelry, gold, and silver, remained in high demand, achieving sales of 17.26 million yuan and 19.88 million yuan, respectively, up by 22.1 percent and 6.9 percent year-on-year.

The automobile market also witnessed exceptional popularity during the holiday, with a total sales revenue of 46.25 million yuan for the 12 monitored car dealerships, marking an 18.4 percent year-on-year increase. Notably, the sales revenue of new energy vehicles in five shopping malls amounted to 16.88 million yuan, reflecting a significant year-on-year uptick of 49 percent.

A rich tapestry of activities organized by commercial blocks to herald the New Year attracted a large number of visitors, playing a pivotal role in stimulating consumption. Tianyi Square, for example, recorded a daily footfall of over 500,000 on Dec 31.