Authorities in east China have rolled out a series of pro-consumption measures to boost spending during the country's seven-day National Day holiday which began Thursday, as they look to tap into the festive spirit to stimulate consumer demand.
During the week-long holiday, which is referred to as "Golden Week" in China, businesses in the eastern Jiangsu and Shandong provinces have launched various campaigns to entice customers.
A special auto show kicked off in Haian City of Jiangsu on the first day of the holiday, as the city pushes a new round of campaigns to promote new vehicle purchases, with a particular focus on encouraging more people to switch over to new energy vehicles.
The effort looks to build on the country's existing trade-in policies, which offer considerable subsidies and have played a key role in boosting market confidence and stimulating domestic demand.
"For new energy (passenger) vehicles priced at 50,000 yuan (about 7458 U.S. dollars) or more, a subsidy of 3 percent of the vehicle price will be provided, up to a maximum of 7,000 yuan. For fuel-powered vehicles priced at 50,000 yuan or more, a subsidy of 2 percent of the vehicle price will be provided, up to a maximum of 6,000 yuan," said Sun Jianxin, director of the Market System Development Division of Haian Municipal Bureau of Commerce. These vehicle purchase subsidies have already seen a significant uptick in activity in the local automotive market, with many residents already making trips to the auto show to inquire about prices and take test drives as the holiday gets underway.
In addition, auto show organizers have arranged further complementary activities, such as on-site raffles, to further boost public interest.
Meanwhile, major shopping malls and movie theaters in the county-level city of Laixi in Shandong Province have experienced a surge in foot traffic, as local authorities optimize consumer offerings to further unlock local residents' spending potential.
Focusing on holiday consumption trends, the commerce department of the nearby city of Qingdao, under whose jurisdiction Laixi falls, have organized major supermarkets, shopping complexes and restaurants to launch a series of themed promotional activities.
These included a range of spend-and-save promotions, prize draws, group-buying gift coupons and trade-in subsidies for home appliances, creating a vibrant shopping atmosphere as consumers look to snap up the best deals.
"Foot traffic has clearly picked up over the holiday, especially in the afternoons and evening. We stocked up well in advance and collaborated with the mall to offer group-purchase gift coupons. Sales have increased greatly compared to before the holiday, and overall, this National Day feels even livelier," said Yu Cuiling, a sales representative at one retail store.
The movie industry is also looking to take advantage of the demand during the holiday, as a new line-up of blockbuster films hit big screens across China, with several new releases premiering, leading to a surge in moviegoers at local theaters.
Theaters have sought to increase the number of daily screenings, extend operating hours and prioritize additional showings during prime time and at more family-friendly slots to meet the viewing needs of different audiences.
Measures rolled out to boost consumption during National Day holiday
