RMB 934 billion in online sales during May 13-June 18 made the 2026 618 festival the quietest in 16 years, with year-over-year growth slowing to 4%.
700 million average daily active users—and about 714 million at the June 16-18 peak—showed shoppers still engaged, but far more planned their spending: 85.4% said they bought in advance, while social-media mentions of impulse buying fell to 7% from 21%.
Platforms and brands pulled back from headline-grabbing discount wars as regulators tightened scrutiny of promotional practices, shifting competition toward quality, efficiency and repeat purchases rather than raw transaction volume.
Home appliances remained the top category but dragged on growth after a subsidy-fueled 2025 boom, with May 2026 sales down 15.6% year over year; service consumption outpaced goods, led by 55.9% growth in online entertainment retail sales.
That shift is reshaping strategy across China's e-commerce market: brands are cutting loss-making livestream spending, seniors are emerging as a growth segment, and overseas demand is rising, with JD.com Global's overseas orders doubling within 52 hours.
As China’s biggest shopping festival cools, is this a strategic pivot to profit or a sign of faltering consumer confidence?
With brands fleeing influencer livestreams for profits, is the 'creator economy' bubble in Chinese e-commerce finally starting to burst?
In the first 'AI-native' 618, who truly controls the shopping cart: the rational consumer or the platform's powerful algorithm?
2026 618 Shopping Festival: 934 Billion Yuan GMV, Sluggish Growth, and the End of Price Wars in China’s E-Commerce
Overview
The 2026 618 Shopping Festival reached a massive GMV of 934 billion yuan, but growth was much slower than in previous years. Major e-commerce platforms like JD.com and Alibaba did not share their individual sales figures, reflecting the tepid market. Independent analyses confirmed this limited growth. At the same time, consumer behavior shifted, with people spending more on services and lifestyle products rather than just chasing discounts. This change highlights a move away from aggressive price wars, as both economic pressures and new regulations push platforms to focus on value and innovation instead of just low prices.