SHANGHAI, June 25 ― Retailers in China face a daunting near-term future after a disappointing mid-year online shopping festival that has also clouded the recovery prospects of...
E-commerce sales declined for the first time during the so-called 618 festival that ended last week, reports said, reflecting the pressures building up on retailers who are already locked in a gruelling price war. ― Reuters file picSHANGHAI, June 25 ― Retailers in China face a daunting near-term future after a disappointing mid-year online shopping festival that has also clouded the recovery prospects of the world's second-largest economy.
Investors also remain unconvinced, with Alibaba shares trading around 5 per cent down this year and JD.com down over 3 per cent.A new Bank of America's China consumer survey found that sentiment weakened further in June. “I think what we're seeing this year is a shift away from full price retail altogether... It's more rational consumption and caution and looking for value,” Gardner said.
Kang Li, a 45-year-old mother-of-one who works in sales in the southern city of Changsha, is among those who are turning more frugal and shunning purchases of non-essential items. Jason Yu, greater China managing director of market research firm Kantar Worldpanel, warned that the coming months would be challenging for retailers as people bought what they needed during 618.
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