HONG KONG, June 30, 2023 /PRNewswire/ — Shanghai’s two-month 4th Double Five Shopping Festival is drawing to an end, various themed activities continue to gain momentum. In addition to the Double Five Shopping Festival, the recent Dragon Boat Festival further unleashed consumption vitality. From 21 to 23 June, the offline consumer sales in Shanghai amounted to approximately RMB18.0 billion, and the total foot traffic registered in 35 key commercial districts reached 13.72 million. As an important part of the Double Five Shopping Festival, the 515 Fosun Family Day together with more than 60 well-known domestic and foreign brands under its umbrella delivered stellar results and boosted consumption, with a year-on-year growth of 32% in overall sales, of which sales of consumer brands increased by 54% year-on-year.
Gold and catering business saw significant growth, boosting consumption
The 515 Fosun Family Day is the largest annual event for Fosun and its affiliated brands to give back to customers. This year, the 515 Fosun Family Day, which ran from 1 May to 20 June, spanned May Day and the Dragon Boat Festival, covering more than 240 essential items in the Fosun ecosystem, of which roughly 100 items were newly introduced for the occasion. Overall, the total sales of jewelry, catering, tourism and other sub-categories grew significantly. Sales of jewelry and fashion exceeded RMB1.0 billion, representing an increase of 86% year-on-year; sales of culture and catering exceeded RMB250 million, representing an increase of 399% year-on-year; offline commercial districts such as the Bund Finance Center (BFC) and the Yuyuan Tourist Mart ushered in a rebound in terms of foot traffic, driving overall sales to grow by 164% year-on-year.
Riding on the momentum of the Double Five Shopping Festival, the 515 Fosun Family Day partnered with more than 60 brands under its umbrella, and four major commercial districts including Yuyuan Tourist Mart, the BFC, Shanghai Woli City, and Ningbo FOJOY Mall, to distribute more than RMB1.5 billion worth of consumption vouchers on the Internet platform for the first time, covering tourism, health, catering, fashion, beauty and other living consumption scenarios, and nearly 2 million consumption vouchers were collected by consumers.
Meanwhile, various time-honored brands leveraged digital intelligence to link online and offline consumption scenes, and strengthened the models of digital sales such as livestream to keep abreast of the consumption habits of young people, break spatial and geographical boundaries, and identify impetus for consumption growth.
Laomiao’s livestream session on Alipay generated sales of more than RMB5.5 million, setting a new record for a single platform. The highest single-session sales of Yayi’s livestream sales of gold products exceeded RMB1.7 million. What is even more exciting is that more than half of the consumers who rushed to the livestreaming room to “grab gold bars” are new users of the post-90 generation. Through channel expansion and brand upgrading, time-honored brands captured the spending power of young consumers.
New scenes to connect new customer groups, gaining popularity
In addition to a series of promotional activities, Fosun integrated its industries during the 515 Fosun Family Day, and connected new customer groups through new scenes.
The Bund Art Festival jointly organized by Fosun Foundation (Shanghai), BFC, and Yuyuan Tourist Mart featured large-scale public artworks, exhibitions, trendy markets, art forums and workshops, etc., creating a one-stop art journey in the Grand Yuyuan. The “Bund Cat Street” in Shanghai also went viral on social media.
As one of the 12 landmark IPs of the Double Five Shopping Festival, the 4th Shanghai Night Festival opened at the BFC. The BFC and Yuyuan Tourist Mart are selected as one of the “100 places to visit at night in Shanghai” recently released by the Shanghai Night Festival. The two distinctive landmarks located in the Grand Yuyuan jointly launched a series of special activities to showcase the unique charm of the 24-hour vibrant city of Shanghai.
The Bund Craft Beer Festival, “Sober Tomorrow”-themed market, and the 4th Dragon Boat Festival Kunqu Opera not only brought exciting night activities to consumers, but also helped ignite the vitality of night-time consumption.
Although the Double Five Shopping Festival is drawing to an end, the nightlife will continue until mid-summer. From 6 July to 27 August, Yuyuan Tourist Mart will launch “A Summer Visit to the Yuyuan Garden”, a series of activities with the theme of “Summer Escapes”. Visitors may take a stroll around the Yuyuan Garden aglow with summer lights, shop at the China-chic-themed market “Yuyuan Market“, and take the best social media shots in the Yuyuan Garden. Starting from 30 June, the BFC will join hands with Universal Music to hold the “MUSIC IS UNIVERSAL”-themed exhibition, which will be divided into different zones such as homage to classics zone, Disney music zone, and Dolby music zone, offering a one-stop music, photography and entertainment journey.
Fosun was founded in 1992. After more than 30 years of development, Fosun has become a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of one billion families in health, happiness and wealth. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK). As of 31 December 2022, Fosun International’s total assets amounted to RMB823.1 billion; it received an AA MSCI ESG rating and was the only conglomerate in Greater China with such rating.