China's "618" Shopping Spree Goes Dark As Buyers Snooze

China's midyear shopping festival is here again, but "618," as the weekslong event is known, is bringing retailers less cheer than usual as customers become more frugal in the face of stagnating incomes and a tepid economy, Cissy Zhou reported for Nikkei Asia.

Photo Insert: Just as the Chinese are not buying durables and keeping their cash at home, there is no real incentive to spend the little money they have.

Originally a one-day event held on June 18, the 618 binge is one of the two major online shopping seasons in China.

It is a midyear sales extravaganza that tries to lure consumers into spending more than they should, often buying unnecessary shoddy goods that China is notorious for. But just as the Chinese are not buying durables and keeping their cash at home, there is no real incentive to spend the little money they have.

But with household finances still reeling from years of COVID restrictions, youth unemployment at a record high and the all-important property sector on shaky ground, shoppers from across the country told Nikkei Asia that no matter how hard e-commerce platforms try to persuade them to spend, most of them are not tempted.

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