HONG KONG -- China's midyear shopping festival is here again, but "618," as the weekslong event is known, is bringing retailers less cheer than usual as customers grow more frugal in the face of stagnant incomes and a tepid economy.
Originally a one-day event held on June 18, 618 is one of the two major online shopping seasons in China. But with household finances still reeling from years of COVID restrictions, youth unemployment at a record high and the all-important property sector on shaky ground, shoppers from across the country told Nikkei Asia that no matter how hard e-commerce platforms try to persuade them to spend, most of them are not tempted.
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