This was also the case for outlet malls belonging to Sasseur Real Estate Investment Trust (Sasseur REIT) which reported “strong” first-day sales of RMB47.2 million ($9.5 million) for its annual Spring Sales in April. This was 411% higher compared to its first-day sales after their reopening in March.
China is slowly emerging from its lockdown due to the Covid-19 pandemic and businesses are more than eager to get things up and running. However, it is not just bosses who are looking forward to the economy opening up again. Consumers who were cooped up at home are also eager to release their pent-up demand to shop.
Earlier in May, it was reported that luxury leather goods brand Hermès recorded sales of some US$2.7 million ($3.8 million) on a single day after its Guangzhou store reopened its doors to shoppers once the lockdown was lifted. And as more cities in China emerged from the lockdown, shoppers reportedly embarked on “revenge spending” during the first few weeks of stores opening. The term refers to an overindulgence in retail therapy by shoppers who had built up a strong desire to go out and shop during the lockdown.
