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2015 Chinese New Year Sales: Shenzhen

During this year’s seven-day Spring Festival holiday, Shenzhen received a total of 5.85 million tourists, a 4% increase over the same period last year. Total tourism receipts reached Rmb7.3 billion during the period, up 6% year-on-year. Overall, visitors each spent an average of Rmb1,390 in the city, proving a substantial boost to the local retail market.

Photo: A New Year flower market in Futian, Shenzhen. (Xinhua News Agency)
A New Year flower market in Futian, Shenzhen.
Photo: A New Year flower market in Futian, Shenzhen. (Xinhua News Agency)
A New Year flower market in Futian, Shenzhen.

Figures from the Ministry of Commerce show that, from New Year’s Eve to the sixth day of the Chinese New Year, the total sales of retail and catering enterprises nationwide amounted to Rmb678 billion, up 11% over the Spring Festival golden week last year. At the same time, year-on-year growth dropped 2.3 percentage points. HKTDC's mainland offices in Beijing, Dalian, Qingdao, Xi'an, Shanghai, Hangzhou, Nanjing, Wuhan, Chongqing, Chengdu, Guangzhou, Fuzhou and Shenzhen, made market visits to a number of high-end, mid-high end and mid-range shopping centres in their respective cities a week after the Chinese New Year (19-25 February 2015) in order to establish just how holiday sales fared this year.

Throughout the Spring Festival period, many of Shenzhen’s major retailers employed a variety of tactics to attract customers. A number of department stores, for instance, set up smartphone payment systems and made use of WeChat’s Red Packet app in order to boost their online market share.

In the wake of the promulgation of the “eight-point regulations”, introduced by Central Government to curb extravagant spending,  department stores generally saw a rise in personal spending on New Year goods, with government organisations and state enterprises no longer distributing such items.

The following is summary of the sales situation of three leading Shenzhen stores:

StoreThe MixCYitian Holiday PlazaLilian Sun Department Store
GradeHigh-endMid-high endMid-to-low end
Top-selling ItemsTop-class fashion brands, jewellery, watches and clocks, accessories, cosmetics, footwear and bagsClothing, jewellery, cosmetics, electrical appliances, cinema movie shows, ice-skating, catering and supermarket merchandiseClothing, electrical appliances, jewellery, cosmetics, watches, footwear, bags, accessories and food
Price Range (Rmb)Clothing: 500 –1,000 and above Cosmetics: 300 –1,000 and above Catering: 100 – 1,000 and aboveClothing: Above 500 Cosmetics: 300 – 1,000 and above Catering: 100 – 1,000 and aboveClothing: 200 – 800 Cosmetics: 100 – 700 Footwear: 200 -900
Average Spend per Customer (Rmb)Above 1,000500-1,000300-500
Sales HighlightsHouses flagship stores of top-class brands of LV, Prada, Gucci and Cartier, as well as Ole’ Gourmet SupermarketHouses Shenzhen’s first Apple Store, and offers shopping, entertainment and catering facilities under one roof, including Zhongying Yitian Holiday Cinema, first Alexander McQueen store in south China, and Ole’ Gourmet SupermarketHouses Sundan, Chow Sang Sang, 3D-Gold, TSL, Luk Fook and Chow Tai Fook
Promotional TacticsCustomers spending specified amounts were entitled to a special gift. Customers with cumulative spending of Rmb2,015 or more were given a creative artwork of paper cutting or Chinese knot upon presentation of same-day sales receipts.A promotion was staged on WeChat for the free redemption of New-Year lucky bags.During Saturdays and Sundays, the first three days of the Chinese New Year and the Lantern Festival, the first three customers spending Rmb800 or more (except for the purchase of gift cards) in one transaction with their CCB (China Construction Bank) credit cards were entitled to a shopping card of Rmb100.

Echo Liu, Shenzhen Office

Content provided by Picture: HKTDC Research
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