world-economy

China's 618 Shopping Festival Growth Plummets to 4% as Consumer Spending Weakens

China's domestic consumption continued to deteriorate in June as the country's largest online shopping festival posted sharply slower growth. During the 618 shopping event from May 13 to June 18, sales totaled 934 billion yuan, up just 4% year-over-year, according to retail data firm Syntun. This represents a dramatic deceleration from 15.2% growth in the prior year period. The slowdown underscores persistent weakness in household spending despite robust performance in exports and technology sectors. Goldman Sachs lowered its second-quarter GDP growth forecast to 4.5%, citing widening divergence between high-tech and consumption sectors. Tmall, JD.com and Douyin led e-commerce sales during the promotional period, though growth across platforms remained muted. The figures suggest consumer demand will remain subdued despite aggressive retailer discounting efforts.