China’s economy: Can the “618” shopping festival set a new record for transactions to support the economic recovery? – BBC News in Chinese

4 hours ago

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On June 16, in Lianyungang City, Jiangsu Province, an anchor sells snack food through Kuaishou live broadcast.

In the early morning of June 19, the Chinese e-commerce giant announced the cumulative order amount of this year’s “618” shopping festival – as of 23:59 on the evening of June 18, the cumulative order amount of in 2022 exceeded 379.3 billion.

The transaction value of 379.3 billion hit a new high, with a year-on-year increase of more than 10.3%; but last year’s increase reached 27.7%, compared with this year’s growth rate has slowed down significantly.

Like this year’s “618” shopping festival, last year’s “Double Eleven” has shown signs of sluggish growth, with sales increasing by 8.5%, the smallest increase in a year. This shows that the similar shopping event of China’s national carnival has bid farewell to the period of ultra-high growth.

This year’s “618” Shopping Festival has two backgrounds worth paying attention to: first, the lockdown measures brought about by the epidemic have greatly disrupted the logistics chain, and the huge amount of express delivery in a short period of time will increase the pressure on the logistics network; second, the Chinese economy It was hit hard by the closure of the city in the second quarter. Among them, consumption was the most damaged. It is necessary to use the “618” to boost the consumer market.

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