China's 618 Shopping Festival Records Sharp Growth Slowdown

China's 618 shopping festival, traditionally seen as a key barometer of domestic consumer activity, recorded a sharp deceleration in sales growth compared to previous years. Data from Syntun and other analytics providers show that shoppers have become notably cautious, focusing primarily on discounts for everyday goods. This trend fits the broader picture of subdued domestic consumption in China, which has yet to fully recover to pre-pandemic growth rates. For investors in Chinese retailer stocks — including JD.com and Alibaba — this signals limited revenue growth potential in the coming quarters. Additionally, weak consumer demand amplifies deflationary pressures and constrains corporate earnings growth across the economy.