Post-lockdown Shanghai among top spending cities during China’s 618 online shopping extravaganza
- Shanghai ranks second in spending power among all mainland Chinese cities during JD.com’s 618 online shopping event this year
- However, companies and analysts remain cautious about the e-commerce industry’s full-year outlook after revenge spending tapers off
Residents of Shanghai, who recently emerged from a two-month citywide lockdown, have been some of the most active consumers during this year’s June 18 shopping festival, although dampening consumer spending across the country continues to weigh on the industry’s outlook.
Shanghai ranked second in spending power among all mainland Chinese cities during JD.com’s 618 festival so far this year, the e-commerce giant said on Saturday. Beijing was first.
The online shopping extravaganza, initiated by JD in 2004 to mark the firm’s sixth anniversary, has since become China’s most important e-commerce event after Singles’ Day in November. JD’s event this year lasts from May 23 to June 20.
In terms of average spending, Shanghai ranked third, trailing Beijing and Tibet, said Liu Hui, who leads JD’s Consumption and Industry Development Research Institute, during a live stream on Saturday.
