Checkout
China’s No. 2 Online Mall Sees Slow Consumer Recovery
- JD.com isn’t seeing rapid rebound after Covid lockdowns lifted
- Situation different to 2020’s quick recovery, executive says
This article is for subscribers only.
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.