China's 618 Shopping Festival Sees First Sales Decline in Eight Years

Despite record-breaking orders on JD.com and Tmall, overall sales fell, reflecting weak consumer confidence amid economic challenges.

The gross merchandise value during the festival dropped by 7% to 742.8 billion yuan, according to Syntun.
JD.com and Tmall reported record transaction volumes, but did not disclose specific sales figures.
Livestreaming platforms like Douyin saw significant growth, contributing over 206.8 billion yuan in sales.
Luxury brands were discouraged by the heavy discounting, which conflicted with their brand positioning.
The festival's decline highlights ongoing economic issues, including high youth unemployment and a property crisis.