China's 618 online shopping event marks first-ever sales drop [Yahoo! Finance]
JD.com, Inc. - American Depositary Shares (JD)
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Source: Yahoo! Finance
Sales during what is usually China 's blowout mid-year shopping festival, known as 618, have declined for the first time, according to third-party data estimates published this week. Total gross merchandise value during the shopping event, which ended on Thursday, fell 7 per cent from a year earlier to Rmb743bn ($102bn), according to data provider Syntun, which began monitoring the event in 2016. “The promotional period is too long, and all the marketing has gotten confusing,” said 31-year-old shopper Constance Zhou. “The platforms are always doing promotions. Regular shoppers don't have any motivation to participate.” The blow was felt hardest by China's online influencers, who have built vast businesses on selling everything from lipstick to toilet paper during live-streamed sales events but now face a plethora of lookalikes. Data from research provider Feigua showed sales by Li Jiaqi, China's online sales king, were down 46 per cent year on year during the second half of M
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