Shanghai’s May 5 Shopping Festival will offer the biggest consumption subsidies and benefit the largest number of consumers, said local officials.
They released the information during a news conference on Thursday.
To be held from end April to late June, this year’s festival, to be held for the sixth year in a row, will introduce government incentives for both goods and service consumption. Both domestic consumers and inbound tourists are entitled to the favorable policies, Liu Min, deputy director of Shanghai Municipal Commission of Commerce, said on Thursday.
Shanghai provides subsidies for seven major categories of consumer goods, including home appliances, home decoration, furniture and home products for the elderly, said Liu.
Hybrid vehicles will be included in the trade-in plans for buying new energy vehicles. Consumers joining the NEV trade-in plan will be given 13,000 yuan ($1,782) of subsidy if their vehicles meet the set requirements, with the subsidy 1,000 yuan higher than that last year. Eligible car owners holding car plates of other cities can also join the trade-in plan in Shanghai, she said.
Jiading district, which features automobile manufacturing and unmanned testing, is providing an extra subsidy of up to 2,000 yuan to car buyers during the two months from March 21. The subsidy also applies to used cars, according to Liu.
The inclusion of premium products makes another highlight of the festival, said Liu. By using the consumption coupons issued by the municipal government and joining brands’ promotion activities, consumers can enjoy a maximum 45 percent off on their purchases in clothing, cosmetics, handbags, watches, eye-glasses, gold and jewelry. About 3,600 brands from more than 100 department stores of the city will offer such discount during the festival, she said.
To further boost inbound consumption, well-known shopping venues in the city, such as Plaza 66, HKRI Taikoo Hui, Xintiandi and Shanghai IFC Mall, which are also popular shopping destinations among overseas tourists, will offer coupons, gift cards and membership gifts to these tourists, said Liu.
Efforts will be made by the municipal government to set up more tax refund service centers within the popular business districts. The services to allow overseas tourists get tax refund at the places of purchases will be optimized. Online payment service providers such as Alipay and banks serving as the tax refund agencies will provide special discount, coupons and special gifts to overseas tourists making purchases in the city, she added.
As per Shanghai Municipal Commission of Commerce’s calculations, the sales revenue of the products getting tax refund in Shanghai totaled 760 million yuan in the first quarter, surging 85 percent from a year earlier.
What to expect from the May 5 Shopping Festival:
– Concerts
– Stefanie Sun Tour, Shanghai Stadium, April 26 & 28
– Mariah Carey Tour, Shanghai Hongkou Football Stadium, May 16 & 17
– Exhibitions
– Hongshan Culture Ancient Civilization Exhibition, Shanghai Museum East, late June to early October
– Chen Yifei: A Retrospective on Art and Legacy, Museum of Art Pudong, April 26 to Oct 12
– David Hockney: Bigger & Closer (not smaller & further away), West Bund Museum, April 29 to Nov 30
– Fabrice Hyber: … de la vallée, Power Station of Art, April 2 to June 29
– Sports games
– Longines Global Champions Tour Shanghai, Shanghai JUSS International Equestrian Centre, May 2 to 4
– 2025 Hyundai Archery World Cup – Lujiazui Shanghai, Pudong Financial Plaza, May 6 to 11
– Asian Champions League, Oriental Sports Center, May 16 to 18
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