“双十一”消费观察：销售回暖，以旧换新政策助力

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The "Double Eleven" sales event showed a significant rebound in consumer spending, with total online sales reaching 1.44 trillion yuan, a year-on-year increase of 26.6% [3][4] - The increase in sales is attributed to improved consumer sentiment and the effectiveness of the "trade-in" policy, particularly benefiting the home appliance sector [5][9] - The report highlights a shift towards live commerce, with live streaming platforms experiencing a 54.6% increase in sales, indicating a growing trend in consumer purchasing behavior [9][10] Summary by Sections Sales Performance - Total online sales during the "Double Eleven" period reached 1.44 trillion yuan, reflecting a 26.6% increase compared to the previous year [3] - The sales growth is partly due to a lower base from last year and extended promotional periods by major platforms [3][4] - Major platforms like Tmall and JD.com saw significant increases in user engagement, with Tmall's 88VIP orders up over 50% year-on-year [3] Category Performance - Home appliances, mobile devices, and clothing were the top three categories, achieving sales of 193 billion, 170.6 billion, and 166.4 billion yuan respectively, with year-on-year growth rates of 26.5%, 23.1%, and 21.4% [5][6] - The home appliance category benefited from government subsidies and the "trade-in" policy, with sales reaching 1.3779 billion yuan and over 20 million consumers participating in the program [6][9] Market Trends - The report notes a trend towards platform integration and collaboration, with major platforms beginning to accept each other's payment methods and logistics services [11] - The overall market share of live commerce is increasing, with live streaming platforms accounting for 332.5 billion yuan in sales, while traditional e-commerce platforms saw a slight decline in market share [9][10] - The report anticipates that the "trade-in" policy will continue to drive consumer spending and contribute to retail growth in the coming years [11][12]