China’s latest shopping festival, which wrapped up Wednesday, pointed to a pickup in consumption, as e-commerce companies reported strong sales of consumer electronics, as well as beauty and pet care products.
The 618 festival is one of the biggest promotional periods of the year in China as Alibaba
, JD.com
and other major Chinese e-commerce platforms roll out discounts.
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), according to retail data provider Syntun.
