SHANGHAI — Based on this yr’s 618 online shopping festival results, Chinese consumers are starting to spend more cautiously, because the post-reopening consumption rebound began to lose steam.
In line with Syntun, a third-party data provider, total gross merchandise volume during 618 from major e-commerce platforms similar to Tmall, JD.com, Douyin and Pinduoduo reached 614.3 billion renminbi, or $85.8 billion, a rise of 5.4 percent year-over-year but logging the slowest growth rate since 2020.
Alibaba, Tmall’s parent company, selected to deal with empowering small merchants. The corporate said GMV for over 2.56 million small-to-medium-sized firms topped last yr’s 618, with 1.18 million breaking the ten,000 renminbi mark.
JD.com, which celebrated its twentieth anniversary on Sunday, also said the event “surpassed all growth...
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