JD.com racks up $38B in sales in annual online shopping fest

JD.COM’S annual “618” online shopping extravaganza racked up a total of 269.2 billion yuan (US$38 billion) worth of transactions, as consumers splurged during China’s first major e-commerce sale since the pandemic began.

This year’s tally was 33 percent higher than last year’s 201.5 billion yuan in sales.

It reflects an increasing shift to online shopping as consumers shun brick-and-mortar stores.

The “618” shopping event, which typically spans from June 1 to June 18, was first conceived by JD.com to rival Alibaba’s Nov. 11 Singles’ Day festival.

It is being closely watched as a barometer of consumer appetites for spending given pressures from the pandemic.

China’s economy contracted for the first time in nearly three decades during the first quarter of this year. (PR)