Residents in Shanghai go on spending spree

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Last updated at: (Beijing Time) Thursday, January 29, 2004

Residents in Shanghai go on spending spree

Retailers are already enjoying the new lunar year as local residents spent more than ever this Spring Festival on dinners, high-end electric appliances and expensive jewelry.

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Retailers are already enjoying the new lunar year as local residents spent more than ever this Spring Festival on dinners, high-end electric appliances and expensive jewelry.

Shanghai's 283 major retailers reported sales of 2.43 billion yuan (US$292.7 million) during the weeklong holiday, up 10.4 per cent from last year's Spring Festival, the Shanghai Economic Commission said yesterday.

"More people went to restaurants or hotels to enjoy the Lunar New Year's Eve dinner, others bought ready-to-cook dishes," said Chen Yuxian with the commission.

The commission also reported that the city's 105 biggest restaurants and hotels served New Year's Eve dinner to 10,453 tables of customers, an increase of 4.4 per cent from last year.

Revenues from the night hit 12.7 million yuan, up 9.4 per cent from last year, with an average table paying 1,214 for the meal.

As proof of the city's growing affluence, restaurants in star-rated hotels were much busier this year than last year.

Sofitel hyland Hotel, a four-star hotel on Nanjing Road E, said dinner sales jumped by 136.6 per cent on New Year's Eve.

The jianguo Hotel, another four-star hotel in Xuhui District, said dinner sales grew by 51 per cent. Hotels were also packed during the festival, with revenues jumping 41 per cent from last year. The commission also reported that monkey-shaped gold jewelry and statues were a popular gift to mark the beginning of the Year of the Monkey.

The chow Tai Fook jewelry store on Nanjing Road Pedestrian Mall said sales increased by 41.9 per cent during the weeklong holiday.

Shanghai lao Miao Jewelry's outlet on the mall said sales rose by 10.8 per cent from last Spring Festival.

Sales of down garments, home appliances, leather goods and cosmetics were also booming at department stores around the city.

The 62 major department stores surveyed by the commission reported sales of 605.8 million yuan during the holiday, up 16.6 per cent from last year.

At specialty retailers, the commission said, food sales jumped by 40.6 per cent year-on-year. Those selling watches and clocks saw sales go up 24 per cent and home appliance retailers saw sales rise by 21 per cent.

Entertainment venues were also busy, with cinemas, karaoke bars and other venues reporting a 16.2 per cent increase in revenues from last year.

Source: Shanghai Daily

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