China's 618 shopping festival growth slows sharply as consumer spending malaise persists

China's 618 shopping festival growth slows sharply as consumer spending malaise persists

China's 618 festival sales grew 4% YoY vs. 15.2% last year, signaling consumer weakness and tech/consumption divergence. For tech leaders: e-commerce platforms deploy AI to boost margins, yet AI job displacement threatens household recovery—reshaping capex and hiring plans.