The development of modern consumer goods industry focuses on digital consumption and fashion consumer goods, including the online new economy and digital industry. By 2025, Shanghai will become a hub for fashion products, fashion trends, innovation and consumption, with the scale of its modern consumer goods industry exceeding 520 billion yuan ($71.64 billion).

Industry Advantages

1. Growing Potential in Consumption

In 2022:

Shanghai's total retail sales of consumer goods reached 1.64 trillion yuan, remaining No 1 among all national central cities in China;

Shanghai's retail sales of online stores amounted to 346.14 billion yuan, accounting for 21.1 percent of its total retail sales of consumer goods, up by 2.5 percentage points over the previous year;

Shanghai contributed nearly one-sixth of China's total sales of cutting-edge brands, and ranked first among all Chinese cities in terms of the number of online new consumer goods brands.

2. Optimized Supply Structure

In 2022, Shanghai:

Held the third "Double Five Shopping Festival" and the first "International Consumption Center City Forum" in conjunction with the "International Shopping Season" initiated by the Ministry of Commerce of China;

Hosted "Cloud Fashion Week", the pioneer of fully-digital fashion show in the world, reinterpreting the concept of "See Now, Buy Now";

Welcomed a total of 1,073 new first stores (including flagship or concept ones), remaining No 1 among all Chinese cities in the number and capacity of first stores;

Released favorable policy measures, including supporting the innovative development of the consumer market and providing subsidies for the purchase of green and smart appliances.

3. Upgraded Commercial Space

In 2022, Shanghai:

Upgraded the capacity of seven demonstration zones for global new product debut, built 15 iconic nightlife zones, released a new commercial space plan, and announced the first batch of 12 livestreaming e-commerce bases;

Released the Shanghai Commercial Space Plan (2022–2035).

Source: Shanghai Foreign Investment Guide 2023