China’s online shopping extravaganzas are beginning to lose their lustre as the country’s ecommerce platforms battle to offer steep discounts year round.
Sales during what is usually China’s blowout mid-year shopping festival, known as 618, have declined for the first time, according to third-party data estimates published this week.
Total gross merchandise value during the shopping event, which ended on Thursday, fell 7 per cent from a year earlier to Rmb743bn ($102bn), according to data provider Syntun, which began monitoring the event in 2016.
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