E-commerce sales decline for the first time during the so-called 618 festival that ended last week
SHANGHAI – Retailers in China face a daunting near-term future after a disappointing mid-year online shopping festival that has also clouded the recovery prospects of the world's second-largest economy.
The two events once showcased the rampant rise of Chinese consumerism, providing a reliable bump in sales for platforms and brands alike. The last time Alibaba reported Singles Day revenue, in 2021, sales hit $84.54 billion over the event's duration."Chinese spending has been basically focused on sales opportunities and coupons. If they're not spending during this , when on earth are they going to consume?" said Alicia Garcia-Herrero, Asia Pacific chief economist at Natixis.
But the bigger concern is weak Chinese consumer sentiment, which has remained stubbornly low since 2022.The share of respondents who plan to spend more over the next six months fell to 45pc in June, compared to 55pc in April. And only 31pc of respondents are expecting an increase in income over the next six months, a fall of 10 percentage points from April.
Chinese consumers have been reluctant to spend amid concerns about their personal wealth fuelled by a real estate slump, stunted wage growth and high youth unemployment, putting at risk China achieving its stated economic growth goal of "around 5pc" this year. " household essentials, and some clothes and shoes for my kid, plus my own skincare products," Kang said, referring to her 618 shopping this year.
618 Festival E-Commerce Sales JD.Com Singles Day 618 Sale Chinese Spending Chinese Retail Sales Chinese Consumers Chinese Consumerism China Retail
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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