China’s retailers are grappling with a tough outlook following a disappointing 618 online shopping festival, where e-commerce sales declined for the first time. This reflects ongoing price wars and challenges in stimulating consumer spending, despite year-round discounts. The festival, China’s second-largest sales event, traditionally boosts household consumption, but recent trends indicate sluggish growth. Alibaba and JD.com have seen muted sales increases, prompting investor caution with both stocks down this year.