Consumer spending for on-demand services provided by China’s internet companies saw its sharpest decline on record, according to government data released on Monday, as strict lockdowns and deepening economic woes dampen demand. Income from local lifestyle services, ride-hailing, tourism, finance, car rentals and home rentals for internet companies dropped 20.2 per cent to 118 billion yuan (US$17.7 billion) from January to April, according to data compiled by the Ministry of Industry and Information Technology.

China’s internet on-demand services tumble the most in years amid Covid lockdowns, economic headwinds comes via ChinaTechNews.com.