Are Chinese consumers really indulging in 'revenge consumption' - a phrase coined by Chinese social media users to describe an anticipated flood of post-lockdown purchases - in the post-COVID era?
An analysis of data generated by JD.com's 618 Grand Promotion - the biggest mid-year shopping festival in China - is a good way to find out. Transaction volumes on JD.com on the first day of this event, which kicked off on 1 June, showed an increase of 74% year-on-year, demonstrating a strong recovery of consumer confidence, according to an article from World Economic Forum.
An analysis of data generated by Chinese shoppers during and after the lockdown reveals several new trends. Big shifts are taking place in what consumers are purchasing - and how.
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