China's 6·18 Online Shopping Festival sees its first decline in sales, e-commerce platforms face challenges.

The Financial Times reports that China's e-commerce platforms' perennial discount strategy has led to a decline in sales during the mid-year shopping festival (618). According to Syntun data, the total value of goods during this year's 618 period fell by 7% year-on-year to 743 billion yuan.

Consumers like Constance Zhou noted that the prolonged promotion period, chaotic marketing, and lack of motivation to participate contributed to the decline. Influencers such as Li Jiaqi and Luo Wangyu saw significant drops in sales, facing fierce competition.

JD.com initiated the 618 festival in 2010, with other e-commerce platforms joining subsequently. This year, Alibaba, JD.com, and Pinduoduo did not release official figures for the total value of goods, only providing limited growth data.

E-commerce analyst Li Chengdong pointed out that frequent promotions have numbed consumers. Platforms like Alibaba, JD.com, and Pinduoduo have implemented year-round "hundred billion subsidies," which has diminished the appeal of 618 discounts.

Merchants have been affected by platform competition and lenient return policies, with many online stores choosing not to participate in 618. Consumer Zhang Xuezi stated that shopping during the festival offered nothing special.

Insight: Frequent promotions and year-round discounts have weakened the appeal of special shopping festivals. E-commerce platforms need to innovate their strategies to reignite consumer enthusiasm.