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Explainer: Why Consumer Sentiment Remains Subdued in China

A real estate slump, high youth unemployment and lingering anxiety over Covid-19 are some of the factors behind the tepid results from this month’s 618 shopping festival.
Workers sort parcels at an express delivery center in Nantong, Jiangsu province, China. After the ''618'' online shopping Festival, the volume of Haian Express parcels increased significantly.
Workers sort parcels at an express delivery centre in Nantong, Jiangsu province, China during the 618 shopping festival in June 2023. (Getty Images)
By
BoF PROFESSIONAL

Spending on China’s major e-commerce platforms for 618, one of the key shopping festivals on the retail calendar, rose 5.4 percent year over year, according to Syntun, a third-party retail data provider collating estimated GMV from JD.com, Alibaba’s Tmall and Pinduoduo. The figure represents the slowest growth rate in three years.

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About the author
Tiffany Ap

Tiffany Ap is Senior Correspondent at The Business of Fashion. She is based in New York and covers marketing and the critical China market.

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