Several interesting bits here in this report from HKUST Li & Fung Supply Chain Institute.

Sales during Double 11 grew by 14.3%. Two things that need to be mentioned here: 1) In the past, some market experts have questioned Syntun's data. 2) 2024 was a year of price wars, even resulting in e-commerce having a decreasing share in the retail market, so the increase in value doesn't say much about the increase in volume.

Strong growth in instant retail, as expected.

Data confirms the further decline in community group buying (partially because better models like instant retail are now available). Meituan seems to have been wise to retract its Youxuan business, while PDD's Duoduo Maicai might be left in a rapidly shrinking market.

-Ed