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618 shopping day is a shopping festival created by JD.com. The festival is celebrated annually on the 18th June (6th Month), hence the name '618'. [1]
'618' is significant as is the date JD.com was founded by Liu Qiangdong on 18 June 1998. [2] It was first started in 2010, as a competitor to the shopping festival launched by rival Taobao, Singles' Day (or Double 11 in Chinese).
In 2022, JD.com saw slower growth in the 618 shopping day event, due to slowing economic conditions and COVID-19 outbreaks in china. [3] [4] [5]
Since its creation in 2010, June 18th has become the second largest shopping day in China after Singles' Day on November 11. Although originally created by JD.com, it has now been adopted by other platforms, including Taobao, Pinduoduo and others. The volume of sales rivals Black Friday in the US. In 2020, there were hundreds of billions of USD in sales occurring across multiple platforms. [6] Massive volumes of sales have been reported in other years as well. [7] [8] [9]
A number of foreign companies operating in China have also taken part in the festival and offered their own deals for June 18th. In 2019, Apple sold 100 million CNY (about 15 million USD) of products within the first three minutes. [10]
More than 50 book issued joint statements on May 20, 2024, saying that they would not participate in the 618 shopping day because of aggressive pricing policies that required them to offer discounts of 20% to 30% on JD.com. [11]
The hot 618 not only injects momentum into the accelerated recovery of the consumer market, but also helps accelerate the transformation and upgrading of China's retail industry.
As of 2:00 pm on June 18, 2020, JD Supermarket's sales report not only reflects the booming trend of transactions on various platforms during this year's 618 shopping festival, but also reflects the huge potential of the Chinese consumer market.
The 618, which involves both online and offline participation, injects strong momentum into the accelerated recovery of the consumer market. [12]
1.Observing the 618 promotion: Consumption is gradually becoming more rational, and the integration of business formats is becoming the trend [13]
2. Looking at the Consumer Recovery Behind the "6.18" Data [14]
There are currently seven official public holidays on Mainland China. Each year's holidays are announced about three weeks before the start of the year by the General Office of the State Council. A notable feature of mainland Chinese holidays is that weekends are usually swapped with the weekdays next to the actual holiday to create a longer holiday period.
Amazon China, formerly known as Joyo.com, is an online shopping website. Joyo.com was founded in early 2000 by the Chinese entrepreneur Lei Jun in Beijing, China. The company primarily sold books and other media goods, shipping to customers nationwide. Joyo.com was renamed to “Amazon China” when sold to Amazon Inc in 2004 for US$75 Million. Amazon China closed its domestic business in China in June 2019 after the US severed all relations with china, offering only products from sellers located overseas.
Taobao is a Chinese online shopping platform. It is headquartered in Hangzhou and is owned by Alibaba. According to Alexa rank, it was the eighth most-visited website globally in 2021. Taobao.com was registered on April 21, 2003 by Alibaba Cloud Computing (Beijing) Co., Ltd.
Yangzhong is a county-level city under the administration of Zhenjiang, Jiangsu province, China. It is the easternmost county-level division of Zhenjiang City.
The Singles' Day or Double 11, originally called Bachelors' Day, is a Chinese unofficial holiday and shopping season that celebrates people who are not in a relationship. The date, 11 November (11/11), was chosen because the numeral 1 resembles a bare stick, which is Chinese Internet slang for an unmarried man who does not add 'branches' to the family tree. The four '1's also abstractly refer to the demographic group of single people. Ironically, the holiday has become a popular date on which to celebrate relationships: more than 4,000 couples got married in Beijing on this date in 2011, far greater than the daily average of 700 marriages.
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China Consumers Association is a Chinese consumer association, founded in December 1984. The association consists of 3,279 of the local and grassroots level consumer organizations in China. It promotes a healthy environment for a communist market economy by safeguarding consumer rights and interests, monitoring the goods and services, and providing counselling on the consumer activities. CCA maintains cooperation with consumer organizations from its member countries across the world. The association has participated in over 60 international and regional seminars and has hosted the large-scale international conferences on themes such as Sustainable Consumption and Global Food Safety.
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