As the 2008 Beijing Olympics have been over for almost fifty days, Olympic souvenir franchises are now seeing a steep slump in sales.

A man shows off an Olympic stamp album in this photo, published on Friday, October 10, 2008. [Photo: www.bandao.cn]

Many such stores in Qingdao, east China have offered considerable discounts to customers but it's having little effect on their total sales, according to reports by local newspaper the 'Peninsula Metropolitan News' on Friday.

An Olympic stamp album which issued only 2008 sets around the world with an original price of 2880 yuan (about $422 US dollars), was now on sale at only 220 yuan, a discount of more than 90%.

An Olympic franchise shopkeeper said souvenir sales reached a peak in July and August, but buyers' interests are flagging now.

He added that he intends to sell off all his stock and has no further plans of stocking new Olympic-related products.

Some Olympic retail stores in shopping malls have even shut their doors due to dive of sales, the report said.

The slump also has had an impact on collectors. A stamp collector named Mr. Zang said he bought many stamps before the Games in order to profit from them later, but his hopes have been shattered now since the value of official souvenirs has fallen rapidly.

Chai Shousheng, an associate professor with the Ocean University of China believes that it is reasonable that sales of such souvenirs fell after the Olympics and their values therefore affected.

But, Dong Zhiwen, another associate professor from the same university, suggested that people collect souvenirs with cultural connotations with confidence. Such products, as he believes, are still likely to add value in the future.

(CRI October 10, 2008)