Growth in online sales during China's annual "618" shopping festival weakened sharply compared to the previous year, signaling that the country's consumer spending slowdown is far from over.
The mid-year retail event, one of the largest e-commerce periods in the Chinese calendar, failed to deliver the robust momentum typically expected from major promotional campaigns.
The data reinforces a broader narrative of subdued domestic demand.
While China's economy showed signs of faltering following a strong first quarter, the latest figures suggest that household consumption has not yet recovered to pre-pandemic resilience levels.
Investors are increasingly focused on whether domestic spending can offset external headwinds and structural economic shifts.
This consumer malaise persists even as other parts of the economy face pressure.