Core Insights - Shanghai is transforming into a leading international consumption center, aiming to become the "first city for inbound consumption" by 2025, with significant growth in inbound tourism and spending [1][2] Group 1: Inbound Tourism Growth - In 2025, Shanghai received 9.36 million inbound tourists, a record high, representing a 39.58% increase year-on-year, surpassing the 2019 peak of 8.97 million [1] - The total inbound consumption reached $15 billion, marking a 35% year-on-year increase, primarily driven by dining, accommodation, and goods [1] - The implementation of visa-free policies has significantly boosted tourist numbers, particularly from South Korea, which saw a 103.62% increase in visitors to 909,100 in 2025 [2] Group 2: Consumer Experience Enhancement - Shanghai has improved payment convenience for inbound tourists, with 67,000 merchants and 97,000 terminals accepting international card payments by the end of 2025 [5] - The city has introduced mobile payment services that allow tourists to enjoy services without needing to exchange large amounts of cash [5] Group 3: Tax Refund Services - Shanghai's tax refund sales increased by approximately 80% in 2025, with "immediate refund" sales surging by 15.7 times, reflecting the ongoing enhancement of the tax refund system [7][8] - The number of tax refund stores exceeded 1,800, a 140% increase, with 26 points offering "immediate refund" services [7] - The first department store on Nanjing Road processed over 12,000 tax refund transactions, totaling nearly 30 million yuan, with a sevenfold increase in monthly business volume throughout the year [8]