Are Chinese consumers really indulging in ‘revenge consumption’ – a phrase coined by Chinese social media users to describe an anticipated flood of post-lockdown purchases – in the post-COVID era?
An analysis of data generated by’s 618 Grand Promotion – the biggest mid-year shopping festival in China – is a good way to find out. Transaction volumes on on the first day of this event, which kicked off on 1 June, showed an increase of 74% year-on-year, demonstrating a strong recovery of consumer confidence.