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BEIJING: Despite a bleak global economic climate over the past year, China's retail sales in October rose 16.2 per cent year-on-year to US$171 billion (1.17 trillion yuan).
And retail sales are expected to continue to pick up in December and the coming months.
In Xidan, the impact of the global economic downturn can hardly be felt. The district in downtown Beijing has traditionally been a shopping haven among trendy bargain hunters.
But it is also fast becoming a favourite haunt of an increasingly affluent generation.
Sales in Xidan Joy City have shot through the roof since it opened at the end of 2007, amid the global financial crisis. The mall chalked up a record of US$220 million in sales this year, a 16 per cent increase from last year.
The mall is luring both the young, and the young-at-heart, with its glamourous ensemble of international fashion brands and offers of a fancy lifestyle.
"Joy City has managed to create an atmosphere that goes down well with the lifestyle of youngsters today. Malls with an integrated concept like ours are still rare in Beijing. It has a wide variety of shops and brands, as well as a cineplex," said Wang Shuwei, general manager of Xidan Joy City.
For this Christmas season, the mall has poured in tens of thousands of dollars to deck itself up. Shopping hours will also be extended past midnight on Christmas Eve.
And the retail outlook for next year seems rosier than ever as existing young consumers move up the career ladder, and as more Chinese aspire to a cosmopolitan lifestyle. They are expected to keep coming back, and spending more.
Mr Wang said: "We initially targeted at consumers who earn RMB 2000 per month, but we found in our latest survey that consumers spending RMB 2000 to RMB 5000 have increased by 3 per cent.
"This is a significant finding as this means that we can cultivate this group of high spenders."
The mall is now in talks with several high-end brands to pump up its glam factor next year, in order to capture the increasingly sophisticated market.
- CNA/sc
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