SHENZHEN’S total retail sales of consumer goods, a major indicator of consumption growth, reached 448.5 billion yuan (US$69.24 billion) in the first half of 2021, a year-on-year increase of 23.2 percent, data from the city’s commerce bureau showed.

Online retail sales in Shenzhen continued to grow rapidly during the January-June period. According to statistics, commercial enterprises above a designated size saw a year-on-year growth of 79.4 percent in online retail sales.

The city’s consumer goods market has been steadily emerging from the shadow of the COVID-19 pandemic, showcased by signs of a turnaround in retail sales and catering business, Shenzhen Special Zone Daily reported.

In May this year, the Shenzhen Municipal Commerce Bureau launched a large-scale activity in more than 30 commercial areas in the city to boost consumer spending. The event attracted the participation of more than 1,000 businesses, which achieved over 6 billion yuan in cumulative turnover.

Local retailers have also expanded their e-commerce presence with strategic moves. Rainbow, one of the first traditional retailers in Shenzhen to embrace digital transformation, held a livestream shopping event July 23. The event attracted 32,000 views within two hours and Rainbow’s online and offline sales volume on that day reached about 270,000 yuan.

In the first half of the year, Rainbow’s online sales in Shenzhen increased by more than 100 percent year on year, statistics showed.

Driven by the purchase incentive policy and subsidy policy for new energy vehicles (NEV), the vehicle retail sales of the city’s commercial enterprises above a designated size posted a year-on-year increase of 43.5 percent to reach 61.3 billion yuan.

(Zhang Yu)