Shanghai ushers in shopping festival to boost economy

Shanghai ushers in shopping festival to boost economy

THE WHAT? Shanghai’s administration has conceived a novel way to boost economic activity in the wake of the coronavirus. The Chinese city is staging a two-month-long shopping festival, named Double Five Shopping Festival, according to a report published by WWD.

THE DETAILS Events will be numerous, and will include a New Product Launch Festival, which has caught the collective imagination of luxury brands, says WWD. LVMH-owned Dior, Givenchy, Fresh and Benefit are all set to show off their latest innovations as is L’Oréal’s portfolio.

“I believe the Double Five Festival will play a positive role in the recovery in consumption and economy,” commented the French beauty giant’s CEO, Jean-Paul Agon. “L’Oréal is honored to participate in this even, we will also use this opportunity to bring the best beauty products to consumers.”

THE WHY? The local government is hoping to stimulate spending and initial signs suggest it’s working. Some US$1.42 billion had been spent by early afternoon on the first day of trading.

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