China’s annual “618” mid-year e-commerce sales festival saw sales drop for the first time as economic woes continue to weigh on consumers.
China's 618 e-commerce festival sees a decline in sales for the first time in 8 years, data firm Syntun saysGross merchandise value from this year's 618 festival was 7% lower from last year, falling for the first time since 2016, according to data from Syntun.
China's annual 618 mid-year e-commerce festival saw sales drop for the first time in 8 years, according to retail data provider Syntun, signaling consumption recovery in the world's second-biggest economy was still quite slow.The gross merchandise value of companies, or sales, during the shopping festival fell 7% from last year to 742.8 billion yuan , according to
Weak sales this year came despite some companies extending their 618 sales period, according to Sytun's analysis, which covered over 20 platforms. Tmall, for instance, started offering its 618 deals as early as May 20 this year, as opposed to its typical May 31 start date.Social media platforms with live-streaming helped generate a GMV of 206.8 billion yuan during this year's 618, up from 184.
JD.com said on Wednesday its turnover and order volumes reached a new high during the festival, though it did not share sales numbers.
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Welcome Global Talents to West China Hospital/West China School of Medicine of Sichuan University - Chengdu, Sichuan, China job with West China School of Medicine/West China HospitalWest China Hospital/West China School of Medicine of Sichuan University (WCH/WCSM, SCU) was founded in 1892 and recognized as a national general hospital and a diagnosis and treatment center for complex and critical illnesses, as well as a renowned medical school in China.
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