Chinese consumers snapped up billions worth of items in China's first major online shopping festival after emerging from the pandemic as merchants slashed prices.
, are typically barometers of consumption in China, and Chinese e-commerce platforms often participate by offering discounts and incentives to consumers.
Rein said that consumers were less likely to spend more during 618 as merchants had already been discounting heavily for years because of the pandemic, and deals were not that much better compared to previous months. This year, for the first time, JD.com did not reveal its total sales numbers for the 618 event, despite saying in a blog post that the 2023 shopping extravaganza had "exceeded expectations, setting a new record."nor JD.com unveiled final numbers for Singles' Day in November, amid muted festivities during Covid-19 and an expected slowdown in growth.
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