Domestic consumer spending is a key part of economic recovery and growth and closely linked to the people's incomes. This year, Ningbo is attaching great importance to stimulating consumption, identifying it as an objective of high priority in the city's annual economic agenda.
B&Bs Go Boom
In Limin Village near Ningbo's Dongqian Lake, there is a boutique hotel called the Zhenyin Xinshe. Despite being small—with only six rooms—it has racked up 2 million yuan of revenues in the last five months, effectively tapping into consumers' considerable spending potential.
This year, China plans to support the growth of rural tourism by helping rural B&Bs upgrade their services and facilities. Ningbo recently released a set of corresponding policies to stimulate tourism spending, which involves creating attractive destinations and accommodation in rural areas.
"I want to organize more fun activities for our guests, so they would want to spend more time in Limin village," Hong Wenwu, the operator of Zhenyin, said. He hopes to double his business income this year.
Last year, Ningbo's B&Bs registered 7.05 million stays, earning an income of 1.258 billion yuan. At present, the city has more than 1,700 B&Bs, with more than 31,000 beds.
As temperature warms up, B&Bs are seeing increased business. Weekend revenues are back to 60% to 70% of pre-epidemic levels. Currently, most guests are local citizens and visitors from Shanghai and Hangzhou.
Auto Sales Soar
Auto sales is a key part in Ningbo's consumption-boosting campaign.
Xiaying North Road in Yinzhou District is lined 37 auto dealerships representing 37 brands, showcasing more than 300 models. Last year, 11.38 billion yuan of cars were sold here, a year-on-year increase of nearly 20%.
Electric car technology advancements have driven up demand for new energy vehicles. As of the end of 2022, there were 15 electric car dealerships on Xiaying N. Road; their annual sales volume last year reached 1.07 billion yuan, up by 316% compared with 2021.
In January this year, Li Auto's 4S store had its soft opening in Ningbo. Soon, XPENG and NIO will launch their Ningbo dealerships. Less than 2 km away from Xiaying N. Road, a 15,000-square-meter factory is being renovated into a studio for livestream sales of electric cars.
Although the auto market is becoming increasingly competitive and saturated, the average price of each car being sold is increasing, suggesting a growing consumer preference for premium vehicles.
Experts point out the key to growth for the Chinese auto industry lies in brand renewal, personalized services, and overseas market expansion.
Tourists Flock
to Theme Park
The economic potential of theme parks, in particular the Xiangshan Global Studios, is considerable.
Since the start of 2023, the Xiangshan Global Studios has seen the return of film crews and tourists. During the Spring Festival holiday, it received 211,000 visitors, approximately 70% of its highest pre-pandemic levels.
As one of China's top film studios, the Xiangshan Global Studios is establishing a film production ecosystem that spans investment, filming, production and distribution. This year, the Xiangshan Global Studios has released a series of preferential policies to attract film producers, with the hope of forming an industry cluster.
Many producers are confident about the recovery of the film and TV industry post-pandemic. "We were supposed to start shooting a new TV series last December, but the schedule was delayed due to pandemic restrictions. Fortunately, after the Chinese New Year holidays, our crew was able to go back on set immediately. We plan to wrap up shooting in 35 days. The script for our next show is already in the creation stage," said Dai Wei, a producer from Beijing Qi Tai Culture & Media.
Xiangshan Global Studios will organize a number of activities in the coming months to attract visitors. Retail storefronts in the theme park have all been leased, while a one-thousand-seat restaurant is undergoing renovation.
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