JD.com reported a total transaction volume of $37.99 billion in the 24-hours of the festival, according to CNBC. This is a 33.6% increase over the approximately $28.5 billion total transaction volume reported last year.
Alibaba reported a gross merchandise value, as it refers to the total sales across its e-commerce platforms, of $98.52 billion.
618, celebrated on June 18, is one of the two major yearly shopping events promoted by the e-commerce companies, the other being Singles Day celebrated on November 11.
Why It Matters
The rise in 618 sales numbers for the two Chinese e-commerce behemoths suggests that consumer demand remains strong in the country despite the economic impact of the extended lockdowns implemented to curb the spread of the novel coronavirus (COVID-19).
posted record sales of $67.6 billion together during the latest Singles Day festival in November last year.” data-reactid=”26″>Alibaba and JD.com had also posted record sales of $67.6 billion together during the latest Singles Day festival in November last year.
Alibaba shares closed 0.3% higher at $223.54 in New York on Thursday and traded 0.3% higher in the after-hours session.
JD.com shares closed nearly 2% lower at $60.79 in New York the same day and added 0.3% in the after-hours.
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