financial wire, China consumer economy
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CNBC · United States · China's 618 festival grew just 4% as retail sales contracted for the first time since COVID reopening
CNBC reported Syntun's final 618 tally at 934 billion CNY in GMV, a 4% year-on-year increase, sharply below the 15.2% growth recorded in the 2025 festival. CNBC contextualised the number against May retail sales data showing a 0.6% contraction, the first negative monthly reading since China's COVID reopening in 2022, and noted that economists attributed the slowdown to persistent household caution, elevated youth unemployment, and a property sector that has not recovered to pre-2021 transaction volumes.
“China's 618 festival generated 934 billion CNY in GMV, up just 4% versus 15.2% last year; May retail sales contracted 0.6%, the first decline since 2022.”