09.02.22
Just months after Shanghai went into lockdown over covid-19, the Southwestern hub of Chengdu was put under sudden lockdown yesterday. The city’s 21.2 million residents were ordered to stay inside their homes at 6 pm. The move was made after the city reported 157 new covid-19 cases on Wednesday. According to sources, citywide mandatory covid-19 tests are being carried out through Sunday. Households are allowed one person out daily for grocery shopping with a valid covid-19 test within the past 24 hours.
Authorities ordered all businesses to shut down except for supermarkets, pharmacies and hospitals. The lockdown is the most severe since Shanghai’s two-month lockdown in April.
According to Jeffries, Chengdu is the fourth most important luxury hub in China. With about 6% of mainland China’s luxury stores in Chengdu, it contributes 7-8% to mainland Chinese luxury retail.
It's an ironic twist for Chengdu, which became a bright spot for luxury and fashion brands in China earlier this year, when lockdowns in major retail hubs like Beijing, Shanghai and Shenzhen slowed consumer demand for goods.
But due to covid-19-related outbreaks in July and a severe power shortage, total retail sales of consumer goods in Chengdu dropped 0.5% year-over-year to $76.8 billion during the first seven months of the year, according to data from Chengdu Municipal Bureau of Statistics.
Authorities ordered all businesses to shut down except for supermarkets, pharmacies and hospitals. The lockdown is the most severe since Shanghai’s two-month lockdown in April.
According to Jeffries, Chengdu is the fourth most important luxury hub in China. With about 6% of mainland China’s luxury stores in Chengdu, it contributes 7-8% to mainland Chinese luxury retail.
It's an ironic twist for Chengdu, which became a bright spot for luxury and fashion brands in China earlier this year, when lockdowns in major retail hubs like Beijing, Shanghai and Shenzhen slowed consumer demand for goods.
But due to covid-19-related outbreaks in July and a severe power shortage, total retail sales of consumer goods in Chengdu dropped 0.5% year-over-year to $76.8 billion during the first seven months of the year, according to data from Chengdu Municipal Bureau of Statistics.