China's JD.com tops quarterly revenue estimates as consumer demand holds up
That has helped JD.com, a major retailer of home appliances in China, even as consumer sentiment took a hit from U.S.-China trade tensions. China's retail sales growth also quickened in January and February.
JD.com reported total revenue of 301.08 billion yuan ($41.82 billion) for the quarter ended March 31, up 15.8% from a year earlier. Analysts' estimate was 289.22 billion yuan, according to data compiled by LSEG.
U.S.-listed shares of the company jumped nearly 3% in early trading.
The upcoming shopping festival, dubbed as 618 as it falls on June 18, will be a barometer to gauge to what extent consumer demand in the country has recovered.
The online shopping event, initiated by JD.com, is becoming longer and longer. This year, Taobao already started the 618 pre-sale on Tuesday, while JD.com, whose official start date of 618 is May 31, announced an event called the "Heartbeat Shopping Festival" which began on Tuesday.
Jacob Cooke, CEO of e-commerce consultancy WPIC Marketing + Technologies, said he expects sales growth during this year's 618. "China's consumer confidence has shown greenshoots in 2025, with healthy retail growth the last few months and strong travel numbers on May Day and the Qingming Festival," he said.
On Tuesday, the State Administration for Market Regulation, China's top market regulator, said it has summoned e-commerce platforms such as JD.com, Meituan, and Alibaba's Ele.me and requested they abide by laws and regulations and compete fairly and in an orderly manner.
Food delivery in China is dominated by Meituan and Ele.me, but JD.com's high-profile entry into the field in February has intensified the competition.
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a day ago
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China's 618 shopping festival sees slower momentum despite extended run
China's retail sector continues to struggle amid concerns over job stability, stagnant wage growth and the ongoing property crisis, leaving shoppers hesitant to splurge. Retailers and the government have attempted to revive muted consumer spending through deeper discounts and broader consumer subsidies. Although extending the sales period may support overall sales growth during this year's 618 period, analysts say that prolonged festivals and year-round promotions on e-commerce platforms have diminished enthusiasm for these events. "I don't have anything special to buy during the 618 shopping festival. Because there are always great deals, I can buy whatever I need whenever," said Xu Binqi, who works in Beijing's film industry. "Take skincare products, for example—I buy them whenever I run out, and the prices are no higher than during the 618 festival." Rachel Lee, general manager of market research firm Worldpanel China and co-author of Bain & Co.'s recent China Shopper Report, said that when consumers are budget-conscious, they opt for more affordable alternatives, making discounts less of a factor. "Standalone promotional discounts will find it increasingly difficult to drive volume growth," she said. Major e-commerce platforms have not disclosed overall sales figures for 618 in recent years. However, according to data provider Syntun, sales during the mid-year festival last year declined for the first time in 2024, down 7% to 742.8 billion yuan ($103.31 billion) compared to the previous year. This year, reported that the number of users placing orders during the 618 event more than doubled compared to the previous year, totaling over 2.2 billion orders across its online, offline and food delivery platforms. Alibaba stated that 453 brands surpassed 100 million yuan ($13.91 million) in gross merchandise volume (GMV) over the 618 period. Brands that exceeded 1 billion yuan in GMV included Apple, Xiaomi, Huawei, Nike, Adidas, L'Oréal and Lululemon, Alibaba added. GMV is a metric used by e-commerce companies that is roughly analogous to sales revenue.
Fashion Network
a day ago
- Fashion Network
China's 618 shopping festival sees slower momentum despite extended run
China's retail sector continues to struggle amid concerns over job stability, stagnant wage growth and the ongoing property crisis, leaving shoppers hesitant to splurge. Retailers and the government have attempted to revive muted consumer spending through deeper discounts and broader consumer subsidies. Although extending the sales period may support overall sales growth during this year's 618 period, analysts say that prolonged festivals and year-round promotions on e-commerce platforms have diminished enthusiasm for these events. "I don't have anything special to buy during the 618 shopping festival. Because there are always great deals, I can buy whatever I need whenever," said Xu Binqi, who works in Beijing's film industry. "Take skincare products, for example—I buy them whenever I run out, and the prices are no higher than during the 618 festival." Rachel Lee, general manager of market research firm Worldpanel China and co-author of Bain & Co.'s recent China Shopper Report, said that when consumers are budget-conscious, they opt for more affordable alternatives, making discounts less of a factor. "Standalone promotional discounts will find it increasingly difficult to drive volume growth," she said. Major e-commerce platforms have not disclosed overall sales figures for 618 in recent years. However, according to data provider Syntun, sales during the mid-year festival last year declined for the first time in 2024, down 7% to 742.8 billion yuan ($103.31 billion) compared to the previous year. This year, reported that the number of users placing orders during the 618 event more than doubled compared to the previous year, totaling over 2.2 billion orders across its online, offline and food delivery platforms. Alibaba stated that 453 brands surpassed 100 million yuan ($13.91 million) in gross merchandise volume (GMV) over the 618 period. Brands that exceeded 1 billion yuan in GMV included Apple, Xiaomi, Huawei, Nike, Adidas, L'Oréal and Lululemon, Alibaba added. GMV is a metric used by e-commerce companies that is roughly analogous to sales revenue.
Fashion Network
a day ago
- Fashion Network
China's 618 shopping festival sees slower momentum despite extended run
China's retail sector continues to struggle amid concerns over job stability, stagnant wage growth and the ongoing property crisis, leaving shoppers hesitant to splurge. Retailers and the government have attempted to revive muted consumer spending through deeper discounts and broader consumer subsidies. Although extending the sales period may support overall sales growth during this year's 618 period, analysts say that prolonged festivals and year-round promotions on e-commerce platforms have diminished enthusiasm for these events. "I don't have anything special to buy during the 618 shopping festival. Because there are always great deals, I can buy whatever I need whenever," said Xu Binqi, who works in Beijing's film industry. "Take skincare products, for example—I buy them whenever I run out, and the prices are no higher than during the 618 festival." Rachel Lee, general manager of market research firm Worldpanel China and co-author of Bain & Co.'s recent China Shopper Report, said that when consumers are budget-conscious, they opt for more affordable alternatives, making discounts less of a factor. "Standalone promotional discounts will find it increasingly difficult to drive volume growth," she said. Major e-commerce platforms have not disclosed overall sales figures for 618 in recent years. However, according to data provider Syntun, sales during the mid-year festival last year declined for the first time in 2024, down 7% to 742.8 billion yuan ($103.31 billion) compared to the previous year. This year, reported that the number of users placing orders during the 618 event more than doubled compared to the previous year, totaling over 2.2 billion orders across its online, offline and food delivery platforms. Alibaba stated that 453 brands surpassed 100 million yuan ($13.91 million) in gross merchandise volume (GMV) over the 618 period. Brands that exceeded 1 billion yuan in GMV included Apple, Xiaomi, Huawei, Nike, Adidas, L'Oréal and Lululemon, Alibaba added. GMV is a metric used by e-commerce companies that is roughly analogous to sales revenue.
