618全网同比增长15.2%，但时间长了20%

Core Insights - The 618 shopping festival has become less impactful, with consumers showing fatigue and the event being stretched over a longer period, leading to diminished excitement [1][10] - Despite a reported 15.2% year-on-year growth in GMV for major e-commerce platforms, the extended duration of the event has resulted in a less impressive performance when analyzed over a consistent timeframe [2][4] - Instant retail emerged as a significant growth area during the 618 festival, with platforms like JD and Meituan seeing substantial increases in user engagement and transaction volume [6][7] E-commerce Performance - The overall GMV for the 618 event increased by 15.2% year-on-year, but the extended duration of nearly 20% has skewed the perception of growth [2][4] - JD's app achieved a record high in daily active users (DAU), driven largely by its foray into the instant delivery market [6][8] - Instant retail platforms, including Meituan and JD, reported a 18.7% increase in transaction volume, outperforming traditional e-commerce channels [7] Consumer Behavior - Consumers are showing signs of fatigue towards frequent shopping festivals, with the 618 event now competing with numerous other promotional periods throughout the year [10][11] - The introduction of the "Red Cat and Red Jing Plan" aimed to attract users through content-driven marketing, but the effectiveness of such strategies is being questioned [3][11] Subsidy Impact - National subsidies have shifted from being auxiliary to becoming a central component of sales strategies for platforms like JD and Tmall, significantly impacting sales in categories like home appliances and electronics [8][10] - The depletion of subsidy funds has led to price adjustments, with some products being more expensive during the 618 event compared to previous months [10] Marketing Strategies - Tmall invested 50 billion yuan in cash incentives, focusing on live streaming and advertising to boost user engagement and sales [12][14] - JD's strategy included significant investment in its delivery workforce, which has resulted in a substantial increase in user numbers and order volume [13][14] - Douyin has emerged as a strong competitor, with its sales figures approaching those of JD, indicating a shift in consumer shopping behavior towards content-driven platforms [15][16]