Sales during the monthlong Shanghai Shopping Festival recorded a new high as consumers took advantage of the good weather and the innovative efforts of shops to spend more. The 6,200 outlets of the city’s 480 retailers that were tracked by the Shanghai Commission of Commerce generated sales of CNY30 billion (USD4.89 billion) during the festival, a jump of 10.1 percent from a year earlier.
An ongoing anti-graft campaign and slower growth in spending will continue to weigh on the mainland's retail sector, says Jessie Guo, Head of Regional Consumer Research at Jefferies.
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Growth in China's retail sales during the long "Golden Week" holiday slowed to 12.1 percent from a 13.6 percent rise in the same period last year, data from the Ministry of Commerce showed on Wednesday.
China's retailers and catering firms chalked up sales of CNY975 billion (USD158.94b) during the week-long National Day holiday, according to the ministry.
Across Greater China, convenience stores are changing the way people live. In Taiwan, it is common to see two or three convenience stores on the same block. It boasts more than 10,000 convenience stores, which equates to approximately one store for every 2,000 residents; making this market the most dense in the world.
Alibaba's historic IPO is more sad news for retailers in China, which continue losing shoppers as more Chinese chose to shop online. Four of China's five largest retail groups lost customers in the 12-week period ending on 8 August compared to a year ago, the latest snapshot data from UK-based market research company Kantar Worldpanel has shown.
Shanghai's inflation grew at a slower pace in August while retail sales weakened, according to data released by the Shanghai Statistics Bureau on Monday.
China's consumer sentiment dropped below its long-term average in August, in sharp contrast to improved confidence among Chinese companies, a private report said on Wednesday.
The Westpac MNI China Consumer Sentiment Index fell to 113.3 in August from 114.8 in July. The August reading is 6.8 percent below the long-run average, hit by a sharp deterioration in consumers' views about their current financial situation amid a weak employment outlook, the Australian bank and the German financial news company Market News International said in a joint report on Wednesday.
China's business confidence rose for the fourth consecutive month in August to the highest level in almost three years, supported by gains in production and new orders, a private report showed on Monday.
The monthly measure of business conditions increased to 59 in August from 58.2 in July, the highest reading since October 2011, financial news company Market News International (MNI), a unit of Deutsche Boerse Group, said in a report.
China's customs regulator on Friday unveiled a plan to extend reform of customs management, being tested in the Shanghai pilot free trade zone, to the entire country.
From Monday, measures initiated by the China (Shanghai) Pilot Free Trade Zone to simplify clearance procedures will be expanded to 51 special economic zones along the Yangtze River, the General Administration of Customs said in a statement on its website last week.
The internationalization of the retail sector continues and China remains a key target for cross-border retailers. Many Chinese cities saw an increase in new market entrants in 2013 with Beijing sixth in the global ranking of new entrants, Shanghai landed in ninth place, while Hangzhou had the largest increase due to new shopping centers, according to CBRE’s How Global is the Business of Retail report. Tier 2 Chinese cities provide some of the biggest opportunities.