Shanghai in preparations for second May 5 shopping spree

Shanghai will host the second edition of the May 5 Shopping Festival, as part of the city's continued push to spur domestic spending and enrich consumption patterns.

The gala, which debuted last May to stimulate shopping in the immediate aftermath of the COVID-19 pandemic, will feature new product launches, nightlife marketplaces and a number of online-to-offline shopping initiatives, local authorities said at a news conference on Tuesday.

A total of nearly 1,900 special events, organized and sponsored by foreign and homegrown brands from L'Oreal and Bright Food to social network Xiaohongshu, are expected to take place during the extravaganza running from April to June.

One highlight would be the pilot adoption of digital currency across the city's major commercial districts, where application scenarios have been experimented with since the end of last year.

"Key shopping districts, streets, enterprises and platforms are carrying out tests in an orderly fashion and the transaction environment is being constantly optimized," said Liu Min, vice-director of the Shanghai Municipal Commission of Commerce.

On Monday, the municipal government of Suzhou, a neighboring city to Shanghai, said via its official social media account the two cities will give out shopping incentives to encourage the use of digital currency during the upcoming May 5 festival. Six banks have been in contact with participating merchants to offer discounts, it said.