The term “rebound in consumption” went viral on the Internet and in newspapers at the beginning of 2023. According to data, China’s retail sales of consumer goods grew by 5.8% year-on-year in the first quarter of 2023, and consumer spending contributed to 66.6% of China’s economic growth, regaining its position as the major driver of China’s economic growth. The May Day holiday is expected to further boost the consumer market.
Consumption boom boosts the local economies which have further launched various favorable measures to stimulate nationwide consumption. Zhu Min, Director of the Shanghai Municipal Commission of Commerce, recently said that the upcoming 4th “May 5 Shopping Festival” in Shanghai will feature no less than 300 new shopping venues and activities that integrate commerce, tourism, culture, sports and exhibitions to provide consumers with a brand-new consumption experience. The 515 Fosun Family Day, a significant part of the “May 5 Shopping Festival” this year, will be heavily linked with the festival to help continuous release of potential consumption.
The Shanghai Nightlife Festival with the theme of “Shanghai at night, it’s not too late to meet each other”, one of the key activities of the “May 5 Shopping Festival”, will be launched at the Bund Financial Center in Huangpu District on June 3. The Night Market will be held at BFC Weekend Market. Shanghai Watch and other classic brands of Fosun Family will be rolling out during the “May 5 Shopping Festival”. In addition, a series of activities at the Yuyuan Garden will bring the visitors immersive art experiences.
On April 28, Fosun announced that it would collaborate with Alipay, a subsidiary of Ant Group, to fully connect with Alipay’s open digital ecology and carry out digital operations that cover the entire online and offline chain, ranging from digital payment and membership services to applets and live streaming. Fosun will distribute consumption vouchers worth a total of over RMB1.5 billion via Alipay to help boost the spending of the May 5 Shopping Festival through a combination of online and offline scenarios.
Consumption vouchers worth over RMB1.5 billion to boost spending
Being a representative enterprise of the civilian economy rooted in Shanghai, Fosun has always been dedicated to contributing “Fosun Power” to the economic growth of Shanghai. The 515 Fosun Family Day this year, with the theme of “I want my Fosun-style life”, will collaborate with more than 60 famous brands at home and abroad, as well as four core business districts – Yuyuan, Bund Financial Center, Shanghai Vitality City, and Ningbo Fuyue City, to distribute consumption vouchers worth more than RMB1.5 billion for the first time together with the Internet platform Alipay. The vouchers, covering travel, health, dining, fashion, beauty and other living consumption scenarios, will be given out to consumers and bring them benefits in all aspects of life. Digital intelligence will also be used to link online and offline scenarios, better benefiting individuals and businesses and boosting the consumer market.
It is understood that the vouchers will be distributed in four stages. From May 1 to May 14, a limited quantity of high value vouchers will be distributed on time every day; on May 15, searching on Alipay for 515 Fosun Family Day, ten thousand 51.5% off vouchers will be distributed; from May 16 to May 23, featuring hot categories, vouchers for various categories will be distributed every day; from May 24 to June 20, focusing on in-store experience, various benefits ranging from Fosun Family free afternoon tea to Yuyuan parent child camp will be offered.
Non-stop activities to fully release consumption vitality
The 515 Fosun Family Day is the largest annual event for Fosun and its affiliated brands to give back to customers. The event debuted in 2020 and is now in the fifth year. To fully release consumption vitality, a series of activities under 515 Fosun Family Day this year will run from May 1 to June 20, covering more than 240 essential items in the Fosun ecological supply chain, of which roughly 100 items are newly introduced for the occasion. There will be wonderful activities keep going on. It is reported that time-honored and innovative brands of Yuyuan including Laomiao and Yayi will participate in the 515 Family Day activities by launch new products and hot items.
The “Random Happiness Gate” activity, which allows participants to “travel” in a single second to the ideal slow life of Lijiang, see the underwater scenery of Atlantis in Sanya, and discover happiness together with hundreds of millions of families, will be launched at the 515 Fosun Family Day as a festival focused on “family”.
Additionally, 515 Family Day this year and Fosun Foundation in Shanghai will jointly introduce the “Lijiang Simple Holiday Life Festival” live streaming charity event on May 1 and May 2. Live streaming hosts will bring the participants to “a bazaar”. The charity bazaar gathers 90 types of agricultural byproducts with characteristics from 15 counties under the Rural Doctor Program in Yunnan, Sichuan, Guizhou, Hainan, Jiangxi, and other provinces to deeply promote the rural products with characteristics. This event not only connects with charity but also enables participants throughout the nation to take in the relaxing ambiance via live streaming.
“Family is the foundation of all good things and the source of happiness. As a global innovation-driven consumer group, Fosun focuses on the needs of household customers and hopes to take 515 Fosun Family Day as an opportunity to reach out to customers, bringing happiness to hundreds of millions of families.” said Xu Xiaoliang, Co-CEO of Fosun International. Fosun will keep on innovation and creation, fulfill its mission of “creating happier lives for families worldwide” through its high-quality products and caring services.