PR100151

BEIJING, June 19, 2023 /PRNewswire=KYODO JBN/ --

The 2023 Shanghai Consumption Market Innovation Conference was held on

Wednesday in east China's Shanghai, providing a platform for exploring

innovative paths to craft the metropolis into an international consumption

center city.

The event came amid Shanghai's efforts to increase the organization and

planning of consumption festivals, innovate consumption scenarios, and meet

personalized needs of consumers so as to promote high-quality economic

development.

During the conference, experts and scholars with the Development Research

Center of the State Council, Paris Institute of Political Studies and other

institutions, as well as representatives of famous international and domestic

enterprises such as L'Oreal, Coach, Shanghai Bailian Group Co., Ltd.

(600827.SH), Shanghai Maling Aquarius Co., Ltd. (600073.SH), ICICLE, and To

Summer conducted extensive discussions around topics related to consumption

like new perspectives, products, paths, models, scenarios and technologies.

A report on development of international consumption center cities compiled by

China Economic Information Service was released during the event.

According to the report, Shanghai, Beijing and some other Chinese cities have

become benchmarks of global consumption center cities by speeding up improving

consumption base, optimizing consumption environment and developing new

business formats.

Among the five Chinese cities starting developing international consumption

centers in 2021 and creating 13.2 percent of the total national consumption

value with 8 percent of the total population in 2022, Shanghai has leading

consumer brand coverage and strong force of driving industrial development. For

example, the Xuhui District of the megacity has endeavored to make itself into

a demonstration area for global new product launch and a hub gathering famous

local consumer brands. The efforts are paid off as many international

first-class brands and local emerging brands have settled down in the district,

the report says.

Besides the conference, the fourth annual Double Five Shopping Festival was

also launched by Shanghai to boost consumption. During the festival, the

Shanghai-based retail conglomerate Bailian Group coordinated its subsidiaries,

4,000-odd outlets, and an affiliated online platform, and teamed up with brand

owners and partners to invest 2 billion yuan of marketing resources to carry

out over 200 consumption promotion campaigns, including a well-received

animation, comic, game (ACG) culture experience project.

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SOURCE: Xinhua Silk Road