According to Hangzhou's consumption data for the first three quarters of 2023, Gongshu District has been a big winner in the total retail sales amount of social consumer goods. For another, Xiaoshan District has shown the strongest performance in terms of growth rate, ranking the first in Hangzhou for two straight quarters.
Gongshu is home to Hangzhou's four core business circles for consumers including Wulin Square, which contributes to its consumption achievements. In addition, a series of measures unveiled by the local government is also a booster. They included consumption activities themed by "flowers" targeting female groups with the strongest consumption power, support policies for night economy to extend peak consumption hour, and introduction of new trendy coffee shops and life houses which are favored by young people.
The commercial development of Xiaoshan is fueled by new energy vehicles and newly-opened shopping malls. Prominent shopping destinations such as Intime, INCITY, Sam's Club, and Costco attract a great number of visitors to boost consumer market of Xiaoshan. New energy vehicle enterprises like Tesla and BYD Auto, play a crucial role in Xiaoshan's consumption, accounting for 90% of the total consumption. Moreover, with a large permanent population of 2,110,000, Xiaoshan boasts stronger consumption potential than others.