Henan province, home to the world's largest iPhone factory, has recently announced new initiatives aimed at boosting nighttime consumer spending as part of a broader strategy to counteract declining exports. On September 20, 2024, local authorities unveiled plans that include hosting nighttime music festivals, theater performances, art exhibitions, and sporting events to attract more visitors and enhance the local economy. These measures come in response to a significant 15% drop in exports, which fell to 244.1 billion yuan (approximately 34.5 billion U.S. dollars) in the first seven months of the year. Meanwhile, retail sales in the province rose by 5.7%, reaching 1.75 trillion yuan in the first eight months, indicating a shift towards domestic consumption [c51eadfc].
The nighttime economy in China has been gaining traction, with over 60% of the country's consumption occurring after dark. The market size for nighttime activities has doubled from 22.54 trillion yuan in 2018 to 50.25 trillion yuan in 2023, reflecting a growing trend among consumers to engage in evening activities [c51eadfc]. To further stimulate this sector, local governments in Henan are encouraged to utilize reserve land for nighttime fairs, and operators of night fairs with sales under 100,000 yuan (approximately 14,138 U.S. dollars) will be exempt from taxes, making it easier for small businesses to thrive [c51eadfc].
In addition to Henan's initiatives, Chongqing's nighttime economy is also flourishing, with the city reporting an average of 5,000 visitors daily to its bustling hotpot restaurants, cafes, and bars, despite extreme heat conditions. Chongqing has consistently ranked as one of China's top cities for nighttime economic activity, with a significant portion of its retail sales occurring after dark [1545fc77]. The Jiangbei District, for instance, boasts over 15,000 night market shops, contributing to a nighttime economy valued at approximately 45 billion yuan [814cac13].
Overall, both Henan and Chongqing are capitalizing on the potential of the nighttime economy to enhance local consumer spending, showcasing a trend that is becoming increasingly vital for economic resilience in the face of global challenges [a2c4c82f].