Record Sales Amidst Waning Excitement: China's 618 Festival Results

China's famed mid-year shopping extravaganza, the 618 festival, concluded its latest edition with record-breaking sales figures despite a notable drop in daily spending patterns. The lengthened sales duration was designed to encourage consumer spending, successfully pushing the event's gross merchandise value (GMV) to an unprecedented 855.6 billion yuan, eclipsing last year's 742.8 billion yuan, according to Syntun.

This evolution from a single-day celebration of JD.com's founding, now a month-long affair across major e-commerce platforms, started its pre-sales earlier than usual on May 13. However, it resulted in a decline in average daily spending. Major players like Alibaba's Tmall, JD.com, Douyin, and Pinduoduo showcased strong performances, though exact figures remain unspecified, as the retail sector grapples with economic hurdles.

The industry, hindered by employment instability and stagnant wages, seeks to boost spending through discounts and subsidies. Yet, analysts highlight the challenge these extended promotions pose, noting a gradual dampening of consumer eagerness. Many, like Beijing's film industry worker Xu Binqi, find less incentive to buy during these periods given the perpetual availability of discounts.

(With inputs from agencies.)