Chinese Consumer Spending Slows at 618 Shopping Festival Amid Economic Disparities

Consumer spending in China faced challenges during the 618 shopping festival, exhibiting a significant deceleration in growth compared to previous years. The slowdown was highlighted by Syntun’s report, indicating a mere 4% increase in total online sales during the event, a sharp decline from the 15.2% growth recorded in the previous festival period. In contrast, exports and technology sectors continued to thrive, underscoring the economic disparities within the nation. The persistent weakness in household spending was underscored by a 0.6% decline in retail sales in May compared to the same period last year. This decline marks the first time that…