May 5th Shopping Festival | From First Economy to “Love to Buy Shanghai”, Explore Consumer Business Opportunities

The local shopping and consumer market in Shanghai also experienced a peak during the May 5th Shopping Festival.

The May 5th Shopping Festival is currently underway, and this year’s shopping festival has made the economy a hot topic. At the recent launch ceremony of the 2024 “First Shanghai” global promotion, the “Several Measures to Further Promote High Quality Development of the First Shanghai Economy” was released, proposing that Shanghai will make every effort to establish the “First Shanghai” brand. At the launch ceremony, 25 new landmarks for global new product launches in Shanghai were released, with Bailian Fashion Center · Yanqingli and Bailian TX Huaihai | Youth Power Center under Bailian Group among them.

The essence of the first economy is to promote the launch of new products and technologies in specific regions for the first time. Currently, “Shanghai First Release” mainly refers to the strategic launch or application of new business models, products, or technologies by Shanghai globally or in China. This economic activity has three characteristics: innovation orientation, leading the trend, and resonance at the same frequency.

Recently, Bailian ZX Fun Center, located in Nanjing Road Walkway, welcomed a round of “first store” opening. On the eve of the May 5th Shopping Festival, Bailian ZX Chuangqu Chang opened several first stores in one go, among which the “Comic Store by GiftLounge x animation” national first store and GuGu Home national first store opened in mid to late April. “Every time the high-energy level first store opens, the scene is three floors inside and three floors outside, giving you a strong sense of popularity and vitality.” The person in charge of the mall explained that not only that, but the offline pop-up exhibition of the movie “Spy and House Code: White” has also recently landed in the first floor atrium.

Many shopping malls under Bailian Group have their own “first store” attraction. Recently, 17 Xiaomi Home flagship and experience stores across the country have made their debut, with vehicle product showrooms, 3C product display areas, Xiaomi Car Life areas, multifunctional areas, etc., to promote the newly released Xiaomi SU7’s entry into the Shanghai market.

In the system of launching new IPs in Shanghai, the launch of new products is a crucial step. According to data from the Shanghai Municipal Commission of Commerce, from May 2018 to December 2023, more than 4500 international and domestic brands held their debut events in Shanghai. As the flagship of Shanghai’s aircraft carrier class business, Bailian Group is an important commercial field for new product launches, and Multi Matrix helps global boutiques launch in Shanghai, covering four major business formats: cosmetics, women’s clothing, sports, and lifestyle.

The relevant person in charge of Bailian Group stated that they will deeply participate in the “Global New Product Launch Season” this year, with the first store launching, first exhibition, and leveraging the “first” economy. The next step will further promote the formation of the “first launch economy” effect of “first launch”, “first store”, and “first exhibition”, and use the force of integration to help Shanghai build an international consumer center city.

Driven by the initial economic growth, the local shopping and consumer market in Shanghai also experienced a peak during the May 5th Shopping Festival.

In order to accelerate the construction of an international consumption center city, continuously attract and expand foreign consumption, and provide consumers with richer consumption products, better consumption services, and more diverse consumption scenarios, the 2024 “Love to Buy Shanghai” Global Promotion Launch Ceremony was jointly organized by the Shanghai Municipal Commission of Commerce, Shanghai Municipal Bureau of Culture and Tourism, Shanghai Municipal Bureau of Sports, Shanghai Municipal Foreign Affairs Office, and Shanghai Municipal Government News Office.

At the launch ceremony, the “Love to Buy Shanghai” International Friendly Handbook was released globally for the first time. The handbook condensed city highlights such as convenient payment, diverse experience scenarios, citywalk routes, and popular exhibition activities in Shanghai. It included over 1000 characteristic hot stores, 100+business and tourism cultural and sports experience locations, and 10+international friendly shopping malls, including the most selected local recommendations for “food, accommodation, travel, entertainment, and shopping”, to help Shanghai’s business and tourism cultural and sports brands integrate. Retail enterprises such as Metro AG specially launched weekend promotions during the shopping festival to boost consumption with cost-effective products.

Online and offline linkage is also a major feature of the “May 5th Shopping Festival”. The Shanghai E-commerce and Consumer Promotion Center launched the “Colorful Magic City, Trendy Shopping Shengqi” 2024 Love Shopping Shanghai Top 10 Joyful Shopping Short Video Selection Activity at the ceremony, encouraging mall brands to deeply explore local cultural elements, shooting video themes covering new consumption scenes, new consumption experiences, and new product releases.

It is reported that “Love to Buy Shanghai” is the core project carefully crafted during the Shanghai May 5th Shopping Festival, relying on Shanghai’s globally influential, internationally renowned, and internationally popular tourism, cultural, and sports activities to actively expand domestic and international traffic; Launch multiple combination services around “easy to come, easy to browse, and easy to purchase” to assist in the construction of an international friendly consumption environment; Aggregating the distinctive highlights of Shanghai’s “business and tourism culture and culture”, strengthening precise domestic and foreign publicity and promotion, and attracting domestic and foreign people to experience new landmarks, new scenes, and new formats of Shanghai’s consumption in Shanghai. By promoting the distribution of multilingual “Love Buy Shanghai” international friendly manuals, promoting global key city landmarks on large screens, and collaborating with enterprises to launch “Love Buy Shanghai” supporting activities, we aim to create a key activity matrix for “Love Buy Shanghai”.