Shares related to the shopping festival concept initially under pressure, with JD.com (09618) down 4.02%, Li Ning (02331) down 2.56%, Alibaba (09988) down 2.27%, and Xiaomi (01810) down 1.01%.
China Securities Co., Ltd.'s research pointed out that the "618 Shopping Festival" has come to a successful end, but sales growth has slowed down. According to Starry data, the total sales volume of "618" across all networks in 2024 was 742.8 billion yuan, a decrease from 798.7 billion yuan in the same period in 2023. Among this total amount, the sales of comprehensive e-commerce platforms for all categories, including Tmall, JD.com and PDD Holdings, amounted to 571.7 billion yuan, a decrease of 6.9% compared to the same period last year; while the sales of livestreaming e-commerce platforms including Douyin, Kuaishou and Dian Tao reached 206.8 billion yuan, a year-on-year increase of 12.1%. The slowing sales growth reflects changes in consumer shopping behavior, as they become more cautious and picky about non-essential purchases; on the other hand, the intensification of market competition and the increasing frequency of daily promotions have also weakened the attractiveness of the "618" shopping festival to a certain extent.