Hong Kong CNN —Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand.
The JD.com Inc. headquarters during a ceremony marking company's 20th anniversary and 618 shopping event in Beijing, China, on Sunday, June 18, 2023.
The 618 shopping festival, a key barometer of consumption in the country, has seen growing competition by e-commerce sites and retailing brands to offer discounts.
One statement, issued by 10 publishing houses in Beijing, said the boycott was a necessary move to “maintain the stability and prosperity” of the book publishing market.
Even major state-owned publishing companies voiced opposition to “chaotic” price wars.
Persons:
Apple, Alibaba —, Alibaba, Rihanna, iPads, ”, Jefferies
Organizations:
Hong Kong CNN, Apple, Huawei, Vivo, JD.com, Inc, Bloomberg, Getty, Counterpoint Research, Xiaomi, Shanghai Century Publishing
Locations:
Hong Kong, China, Shanghai, Beijing