Sales during 618 grew even in the pandemic, according to Syntun, and peaked in 2023 at nearly 800 billion yuan.
This year, the festival did not spark much enthusiasm among buyers, according to industry experts, even though the main platforms have expanded the offers to a week-long period to attract consumers who have been tightening their belts in between of a gloomy economic outlook.
The festival, which takes its name from the June 18 founding date of e-commerce provider JD.com, but which all platforms adhere to, is China’s second largest annual sales event, after Valentine’s Day. Singles in November, and is considered a key test of household consumption.
The world’s second-largest economy is being hampered by a prolonged housing crisis and high unemployment, affecting consumer confidence.
“With discounts available throughout the year, the hype around the 618 has diminished,” said Jacob Cooke of e-commerce consultancy WPIC Marketing + Technologies.
JD.com stated on Wednesday that its sales and order volume reached a new high during the festival period, which ran from late May to June 18. It did not elaborate on the exact growth rate of its orders or sales during the festival, which was first launched in 2010 as a single-day sale.
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