传媒2024年双十一跟踪点评：双十一周期延长势能不减，平台投入加大增长亮眼

Investment Rating - The report maintains a positive outlook on the e-commerce industry, recommending a "Buy" rating for Alibaba-W (09988), JD Group-SW (09618), Pinduoduo (PDD.O), and Kuaishou-W (01024) [3][41]. Core Insights - The overall GMV for the 2024 Double Eleven event reached 1,441.8 billion yuan, reflecting a year-on-year increase of 26.6%, with significant contributions from home appliances and 3C products due to national subsidies [2][9]. - The extended promotional period led to a notable increase in GMV, with platforms like Taobao, JD, Pinduoduo, Douyin, and Kuaishou showing growth rates of 11%, 13%, 19%, 30%, and 20% respectively [2][30]. - The report highlights a shift in consumer behavior, with a significant increase in the number of users and transactions across platforms, driven by enhanced promotional efforts and subsidies [2][27][34]. Summary by Sections Overall Performance - The 2024 Double Eleven event saw a GMV of 1,441.8 billion yuan, with a year-on-year growth of 26.6%. The breakdown includes 1,109.3 billion yuan from general e-commerce and 332.5 billion yuan from live e-commerce, marking increases of 20.1% and 54.6% respectively [2][10]. - The national subsidy policy for replacing old appliances significantly boosted the sales of home appliances and 3C products, with GMV growth rates of 26.5% and 23.1% respectively [2][9]. Platform Analysis - Taobao's user base reached new heights, with a 50% increase in 88VIP orders and a record number of live streaming sessions [27][34]. - JD benefited from the national subsidy policy, with a 20% increase in shopping users and a substantial rise in sales for home appliances [2][36]. - Douyin and Kuaishou also reported strong growth, with Douyin's GMV from the general merchandise category increasing by 170% [27][40]. Promotional Strategies - Platforms increased their promotional investments, with Taobao's 88VIP investment rising by 50% year-on-year, and significant coupon distributions across platforms [2][22]. - The report notes that the extended promotional period and increased coupon offerings have led to higher consumer engagement and spending [2][15][22].