Shoppers were treated to deep discounts, new products and payment plans as online merchants sought to revive their sluggish appetite for spending during China’s first major online shopping festival after the end of zero-COVID policies. For the first time, e-commerce retailer JD.com did not release the results of its 618 shopping festival, which ended Sunday. Analysts said most consumers have become more price-conscious and reluctant to spend as merchants had already been discounting heavily for years because of the pandemic. Despite overall soft consumption, categories like luxury goods saw a bigger uptick in sales as they launched new products during 618 and offered rare discounts after the luxury sector shrunk in 2022.
