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There is always a sliver lining in the clouds. The pickup in consumption is becoming a bright spot during China's latest shopping festival-618 shopping festival, which is hopefully powering the sluggish economy that is heavily dragged by the embattled real estate.
According to the latest data, e-commerce companies such as Alibaba, JD.com and other major Chinese e-commerce platforms which roll out discounts reported strong sales of consumer electronics, as well as beauty and pet care products.
This year, the festival’s gross merchandise value, a measure of sales over time, surged by 15.2% from last year to an estimated to 855.6 billion yuan ($119 billion). That points to some recovery in consumption, after last year’s 618 festival revealed a year-on-year decline in sales for the first time in eight years. Household appliances emerged champion among the categories, bringing in 110.1 billion yuan in sales, while beauty and skin care products clocked in 43.2 billion yuan in sales.
JD.com said the number of shoppers participating hit a record high, more than doubling year on year between May 30 and June 18. More than 2.2 billion orders were recorded across JD’s channels, which include online and offline stores, food delivery and quick commerce.
Similarly, Chinese e-commerce giant Alibaba’s Taobao and Tmall reported strong sales in categories eligible for government subsidies — with initial sales more than tripling from the same period around the Nov. 11 Singles’ Day shopping festival, indicating increased consumer interest in the newest batch of subsidies.
That implys that Beijing’s trade-in program to subsidize certain consumer products such as consumer electronics is having positive impact to boost consumption. Hopefully the bright spot in China's consumption will keep as long as more consumer goods subsidies from government remain intact.
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