China’s 618 festival sees cautious spending amid uncertainty
China's mid-year e-commerce sales festival failed to generate significant excitement among shoppers despite extended offers, reflecting a cautious consumer sentiment amid economic uncertainty. Named after JD.com’s founding date, the 618 festival is a key indicator of household consumption, but faced challenges with a diminishing buzz and ongoing consumer belt-tightening. Although JD.com reported record turnover and order volumes, the exact growth rates were undisclosed. Analysts expect a modest GMV growth similar to last year's 5.4%. Major platforms like JD.com and Alibaba extended sales periods and eliminated pre-sales phases to adapt to market conditions. Despite some sectors outperforming, overall enthusiasm was low, partly due to frequent discounts and an abundance of shopping festivals.