BEIJING, June 9, 2023 /PRNewswire/ -- 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