Chinese consumers are splurging—but probably not for long

中国消费者正在挥霍无度——但可能不会太久。

Economist

2025-06-20

5 分钟
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  • In the West the shopping calendar is organised around the birthday of Jesus Christ.

  • In China it is shaped by the birthday of JD.com.

  • That giant e-commerce firm, established on June 18th 1998,

  • introduced the "618" shopping festival in honour of its founding.

  • The festival offers discounts and other enticements to shoppers in the run-up to the big day.

  • But just as Christmas decorations seem to appear earlier each year,

  • the 618 festival keeps starting sooner.

  • This year's promotion began on May 13th, a week earlier than in 2024.

  • The early start helped boost last month's retail sales,

  • which grew by 6.4% year on year, faster than expected (see chart).

  • The festival had stimulated "enthusiasm" among consumers, said China's government,

  • which has promised to boost consumption "vigorously" this year.

  • It hopes higher household spending will defeat deflation

  • and cut the economy's reliance on investment spending (which is often wasteful)

  • and foreign demand (which is threatened by tariffs).

  • The month's sales were also lifted by the government's own attempt to reshape the country's shopping schedules.

  • Since early 2024 it has provided a steadily expanding subsidy to consumers

  • who trade in old goods for newer, greener and snazzier versions.

  • A variant on the "cash-for-clunkers" schemes popular after the global financial crisis of 2007-09,

  • the programme now extends far beyond cars.