Caixin
Jun 17, 2022 06:58 PM
BUSINESS

China’s No. 2 Online Retailer Warns Consumer Recovery Is Months Away

China’s total retail sales shrank for a third straight month in May, according to official data. Photo: Bloomberg
China’s total retail sales shrank for a third straight month in May, according to official data. Photo: Bloomberg

(Bloomberg) — China’s No. 2 online retailer sees worrying signs that shoppers are reluctant to reopen their wallets even as major cities emerge from bruising Covid lockdowns, suggesting consumer spending may take months to recover.

The months-long closure of cities like Shanghai has caused a fundamental shift in how people spend their money, with a pullback in discretionary spending continuing even after the lockdown of the financial hub ended a few weeks ago, according to Xin Lijun, chief executive officer of JD Retail.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code