Reported 8 months ago
Following a lackluster mid-year online shopping festival in China, retailers are facing challenging times ahead. E-commerce sales declined for the first time during the 618 festival, indicating growing pressures on retailers amidst a grueling price war. The shift towards year-round discounts, consumer reluctance to spend, and weak sentiment are contributing to subdued consumer spending. This is posing hurdles to China's economic growth goals and retail outlook, with experts forecasting minimal retail sales growth in the second half of the year.
Source: YAHOO