Shanghai's modest post-lockdown 'revenge spending'

Mother-of-two Yang Zengdong, 40, is ready to take her family for a long-awaited outing to mark Shanghai’s grand re-opening from COVID-19 lockdown on Wednesday (Jun 1).
 

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Her ambitions – head to a mall, see what is open and maybe buy a drink or some small toys for her young daughters – are modest, but even those simple pleasures have been impossible during the gruelling two-month lockdown.
 

Unfortunately for retailers desperate for a quick, "vengeful" return of shoppers of the sort seen in 2020 when China enjoyed a "V-shaped" recovery from its initial battle with COVID-19, the excitement that is palpable on newly bustling city streets is tempered by wariness about the future.
 

Shanghai's lockdown may be over, but China is sticking to its zero-COVID elimination strategy, fuelling worry in the city of 25 million that it could all happen again.
 

"A lot of my friends, people with families and kids, their idea is to buy a bigger fridge, or food - they aren’t interested in buying unnecessary stuff right now,” said Yang, who works as a teacher. 
 

The focus on necessities echoes e-commerce giant Alibaba Group CEO Daniel Zhang’s remarks last week. 
 

"In all those different tiers of consumers, demand for essentials has gone up and there's been less price sensitivity. Whereas with respect to non-essential purchases, there has been more price sensitivity," Zhang told analysts, adding consumers were also stocking up to prepare for future uncertainty.