China’s 618 online shopping event marks first-ever sales drop. Full article in comment. Top sale promoters see 46%-68% drop in YoY revenue.

- China's 618 online shopping event experienced its first sales drop - Total gross merchandise value decreased by 7% to Rmb743bn ($102bn) - Shoppers are becoming less motivated due to long promotional periods and confusing marketing - Online influencers such as Li Jiaqi and Luo Wangyu saw declines in sales - Top ecommerce platforms like Alibaba, JD.com, and Pinduoduo are offering year-round discounts, reducing the novelty of sales events - Platforms like Pinduoduo implemented a "Rmb10bn subsidy" program to sustain discounts - Lengthy promotions and competition among platforms negatively impact merchants and customer participation - Consumers have grown immune to frequent promotions and didn't engage much during the festival