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China's 618 shopping festival growth slows sharply as consumer spending malaise persists
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- BEIJING — China's consumer spending slowdown persisted in June, with growth during one of the country's largest online shopping festivals weakening sharply from a year earlier.
- The figures add to signs that household spending remains a weak spot in China's economy despite stronger performance in exports and technology-related sectors.
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BEIJING — China's consumer spending slowdown persisted in June, with growth during one of the country's largest online shopping festivals weakening sharply from a year earlier.
Total online sales during the annual "618" shopping event from May 13 to June 18 grew by 4% from a year earlier, a sharp drop from the 15.2% growth recorded during the festival last year, retail data firm Syntun said late Monday.
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