Alibaba's latest quarterly results illustrated the continuing decline in China's consumer market, where retailer efforts to capture value-oriented customers are coming up short, leading to slowing growth.
JD.com reported a year-on-year decline in average order values, correlating with the overall trend of decreased consumer spending in China from a market once driven by robust demand.
The slump in the real estate market has severely impacted household assets in China, negatively influencing consumer confidence and retail sales growth, which have shown stark declines.
Tencent's financial transaction revenue growth decelerated to 4% in the latest quarter, indicating a broader trend of decreasing consumer engagement in various sectors of the economy.
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