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Goldman Sachs Report: August 2024 E-Commerce Engagement in China
Goldman Sachs, referencing QuestMobile data, highlights several trends in the Chinese mobile app market for August 2024:
Overall Mobile App Engagement: Up 6% YoY, accelerating from 4% in July.
E-Commerce Apps: Growth slowed to 8%, down from 15% in July.
Games: User engagement slightly declined by 1% YoY.
E-Commerce Apps: Growth slowed to 8%, down from 15% in July.
Games: User engagement slightly declined by 1% YoY.
Key Insights:
E-Commerce Engagement:
$JD-SW (09618.HK)$ and $PDD Holdings (PDD.US)$ saw significant increases in user time spent (24% and 16% YoY, respectively).
$BABA-W (09988.HK)$ experienced a 2% YoY decline.
Merchant App DAU Share:
Alibaba: 41%
PDD: 25%
Douyin $ByteDance (FT0001)$ : 20%
Goldman Sachs remains bullish on several companies, including $TENCENT (00700.HK)$ , $MEITUAN-W (03690.HK)$ , $XIAOMI-W (01810.HK)$ , $Full Truck Alliance (YMM.US)$, $Tencent Music (TME.US)$ , Alibaba, and PDD.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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