CHENGDU CONSUMPTION MARKET GROWTH WEAKENED

Entering 2024, Chengdu’s consumption market growth has slowed down, and the growth rate of total retail sales has declined considerably. By September, retail sales of consumer goods in Chengdu reached about RMB742.7 billion in 2024. The total sales of social consumer goods’ grew by 2.2% YoY during the first three quarters in 2024. From Jan to Sep, citywide catering revenue reached about RMB144.2 billion, increasing by 6.3% YoY, and retail revenue recorded 1.3% YoY growth to RMB598.5 billion. By category, retail sales of daily life commodities have grown steadily. Among them, food and daily commodity consumptions increased by 4.4% and 8.5% YoY, respectively.

SHOPPING MALL SUPPLY DECREASED

Three new traditional shopping malls opened by Q3/2024. The Ring is located in the main urban areas and the other two, Paradise Walk (Dong’an) and Wenjiang CIFI Cmall, are located in suburban areas. New supply within main urban areas continued to decline.

The Ring brought natural elements into its space and gathered various catering, retail and entertainment brands, providing consumers with immersive shopping experience and enhancing Dongda Road’s commercial atmosphere. The opening of Paradise Walk (Dong’an) further prompted Longquanyi District’s retail market upgrade. As the first commercial complex in the Wenjiang University City, Wenjiang CIFI Cmall was built as a new shopping and entertainment destination for neighboring students and young families.