The Impulso Podcast E82: China’s 618 eCommerce Sales dropped or grew?
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Jun 28, 2024 Wei Han, a leader at Momentum Works with expertise in Southeast Asian e-commerce, dives into the intriguing dynamics of China's 618 shopping festival. The conversation unpacks the puzzling drop in gross merchandise value, raising questions about consumer confidence. Wei addresses conflicting reports on sales growth, navigates the competitive landscape of giants like JD.com and Alibaba, and discusses evolving trends such as pre-sales. With the backdrop of shifting consumer behaviors, this chat provides a gripping overview of the complexities in China's bustling e-commerce market.
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Significance of 618 GMV Decline
- The reported 6.9% decline in GMV during China's 618 festival reflects sharply lower consumer spending across platforms.
- Simplified, transparent promotions this year intensified the significance of this drop as price incentives were more obvious.
Skepticism Over Singtun's Data
- Some major financial analysts question the accuracy of Singtun's reported GMV drop for 618.
- HSBC and Citibank suggest promotional timing and data collection issues may skew Singtun's results.
Contrasting Growth Data from Yiguan
- Alternative data from Yiguan shows a 13.6% average growth for platforms during 618, contrasting Singtun's decline.
- Douyin leads growth at 26.2%, highlighting divergent measurements across data providers.