China’s 618 e-commerce festival sees a decline in sales for the first time in 8 years, data firm Syntun says
Publishing timestamp: 2024-06-20 05:43:22
Summary
Gross merchandise value from China's 618 festival dropped 7% this year, signaling slow consumption recovery in the country. Despite weak overall sales, some traditional e-commerce platforms saw positive results. Live streaming e-commerce saw an increase in GMV. Chinese economy facing headwinds with retail sales beating expectations in May.
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