Analysis-China's retail outlook dims after mid-year shopping festival flop [Yahoo! Finance]
JD.com, Inc. - American Depositary Shares (JD)
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Source: Yahoo! Finance
that has also clouded the recovery prospects of the world's second-largest economy. E-commerce sales declined for the first time during the so-called 618 festival that ended last week, reports said, reflecting the pressures building up on retailers who are already locked in a gruelling price war. The festival, named after the June 18 founding date of e-commerce provider JD.com but embraced by all platforms, is China's second-biggest annual sales event after 'Singles Day' in November and is seen as a key indicator of household consumption. 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. This year, 618 has instead proven just how hard it is to get consumers spending at all. "Chinese spend has been basically focused on sales opportunities and coupons. If they're not spending dur
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