The Chinese economy is so bad, even Chinese people can't be enticed into buying dirt-cheap mega-sale items

China's biggest sales, which have historically raked in billions of dollars, appear to finally be losing their chokehold on the Chinese market. The 2024 run of the 618 sale, held by e-commerce giant JD. com and other online retailers like Alibaba Group's Tmall and Pinduoduo, suffered its first dip in sales in eight years, retail data provider Syntun estimated. Chinese e-commerce giants try to lure in customers with attractive sales Historically, e-commerce has accounted for a hefty chunk of China's retail spending. In 2023, online retail sales nationwide reached $2.12 trillion, accounting for 27.6% of the total retail sales of consumer goods in the country, according to the National Bureau of Statistics. With a sinking number of buyers, the e-commerce giants of China are increasingly using massive discounts to woo customers to their sales. Alibaba recently offered a 50% discount on Lululemon clothing, and JD. com sold Apple iPhones with discounts as high as 20%. The platforms also hold multiple sales throughout the year, from the Lunar New Year to Christmas, instead of concentrating them all on Singles' Day or the 618 sale day. With an excess of sales all year round, these annual mega sales are also gradually losing their luster, according to Yaling Jiang, a China consumer research expert behind the newsletter "Following the Yuan.".