SHANGHAI : China's e-commerce platforms are competing fiercely in the country's first major shopping festival after the pandemic, offering steep discounts to entice frugal consumers in more worrying signs for an economy struggling to build momentum.The 618 festival, named after the founding date of JD.com
SHANGHAI : China's e-commerce platforms are competing fiercely in the country's first major shopping festival after the pandemic, offering steep discounts to entice frugal consumers in more worrying signs for an economy struggling to build momentum.
This bodes ill for China's post-pandemic recovery, which is already losing steam. Retail sales growth in May slowed from the previous month, missing forecasts. Trudy Dai, group CEO of Taobao Tmall Commerce, the China e-commerce arm of Alibaba's newly restructured company, said a"historically huge investment" would be made to acquire customers during 618.
"The fact that all big e-commerce players are focusing their message around discounts really shows the consumer is more conscious about spending money," said Jason Yu, greater China managing director of market research firm Kantar Worldpanel. Analytics firm Re-Hub said brands like Balenciaga and Burberry have offered unusually deep discounts from the start of the sale period, rather than incrementally increasing discounts throughout the festival.
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