China's 618 shopping festival sales growth slows to 4% from 15.2% last year

Macro
โดย CNBC·Read original
Summary · why it matters

China's annual 618 online shopping festival recorded total sales growth of just 4% year-on-year, a sharp deceleration from the 15.2% growth seen during the same event last year, according to retail data firm Syntun. The figures, covering the period from May 13 to June 18, point to persistent weakness in household spending, with total sales reaching 934 billion yuan. Among major platforms, Alibaba's Tmall led in sales, followed by JD.com and ByteDance's Douyin, but the e-commerce segment overall posted only 0.9% sales growth. Goldman Sachs lowered its second-quarter GDP growth forecast to 4.5% from a prior 4.7%, citing a widening divergence between high-tech and consumption sectors, while maintaining its full-year outlook at 4.7%.

Impact on stocks 5

Consumer Discretionary▼ · 3 stocks
Jd Com Inc
9618
▼ NegativeDemandrelevance

JD.com is a major platform in the 618 festival; overall e-commerce sales growth slowed sharply.

Artificial Intelligence▼ · 1 stocks
Alibaba Group Holding Ltd
9988
▼ NegativeDemandrelevance

Alibaba's Tmall led sales but overall e-commerce growth was weak, indicating soft consumer demand.

Financials▼ · 1 stocks
Goldman Sachs Group Inc
GS
▼ NegativeMonetaryrelevance

Goldman Sachs lowered its Q2 GDP forecast for China, indicating weaker economic outlook.

Off-coverage companies 1

ByteDancePrivate▼ Negative
Demandrelevance

ByteDance's Douyin is a major platform; weak 618 sales growth reflects lower consumer spending.

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