2025.06. 20 本文字数：2393，阅读时长大约4分钟 作者 | 第一 财经 陆涵之 "昨天我跑了50多个订单，有一半是闪购的订单。"北京朝阳区的外卖员张壬峰对第一财经表示，6月 18日是他接到闪购订单最多的一天。 今年618，除了周期为史上最长，也涌现了不少新的消费趋势，即时零售就是其中之一。 成绩超预期 今年618，美团通过旗下即时零售品牌美团闪购加入大促，阿里也通过淘宝闪购加码即时零售。 6月19日，美团闪购公布618全周期数据：5月27日至6月18日，超过1亿用户选择在闪购下单，带动 美团闪购整体成交额创下新高。与去年同期相比，美团闪购60余类商品成交额增长超1倍，其中手 机、白酒、奶粉、大小家电等20余类高单价的"大件"商品整体成交额增长2倍，近850个零售品牌成 交额翻倍增长。 淘宝闪购此前发布的数据显示，淘宝闪购联合饿了么，在5月底日订单数已超4000万。此外，多品牌 在即时零售领域实现爆发式增长。6月12日，屈臣氏在淘宝闪购单日订单接近5万单，创下近年新 高。名创优品全国4500家门店入驻淘宝闪购，拿下了618居家出行类目成交额第一。 从布局看，即时零售业务仍属于线下部门而非电商部门。 ...

今年的"618"，以39天超长战线、四大节日连环"轰炸"，创下历年最长纪录。取消复杂的满减规则、AI 工具助力商家降本增效等成为今年"618"的新亮点，持续激发消费热情，释放消费潜力。当电商大促的 竞争回归到产品力与经营本质，"618"会走向何方？AI工具促进电商全流程"智变"，能否激发新消费动 力？ 告别复杂的促销规则，"618"卖得怎么样？ 今年的"618"，堪称电商界的"耐力赛"——从5月13日鸣枪开跑，到6月20日才冲线，整整39天的超长战 线。今年大促活动亮点频现，以更长的促销周期、更简单的促销规则、更多元的促销渠道吸引消费者的 眼球。 从活动机制的角度看，今年各大平台确实拿出了诚意。淘宝天猫放弃沿用多年的"满减凑单"，变成"官 方立减"，相比于往年，消费券的门槛也更低了，再叠加国家补贴和平台百亿补贴扶持，力求给消费者 直接的价格体验。京东、抖音电商也同样主推直降和补贴的直观促销形式。 在广东省云浮市一家数码产品销售门店，货架上新款手机、手环、电脑等产品琳琅满目，客流源源不 断。门店销售人员介绍，近年来，消费者越来越关注商品的品质、性价比以及售后服务，不再容易 被"复杂折扣"的促销手段吸引。 中央财 ...

本文字数：2574，阅读时长大约4分钟 作者 | 第一财经 陆涵之 2025.06. 19 史上最长618落下帷幕。 除了为期一个月的大促，今年618受国补推动，多个平台表示3C数码产品表现亮眼。而在直播方 面，从业者表示内容化直播影响力正在扩张。 国补推动3C数码消费 各平台都在6月19日交出了一份618成绩单。 天猫发布的数据显示，截至6月18日24点，453个品牌在天猫618成交破亿，同比去年增长24%。 京东表示618期间下单用户数同比增长超100%，京东零售线上业务、线下业态及京东外卖整体订单 量超22亿单。京东618期间，京东APP的DAU创历史新高。 跨境电商也积极参与618。阿里国际的数据显示，6月至今阿里国际站平台订单同比大涨42%，GMV 也保持近30%的增长。具体到各地市场，阿里国际表示美国市场已经恢复到关税冲击前的增速，同 比增长25%，甚至出现了提前3个月备货圣诞的热潮。而欧洲则持续保持超高速增长。 今年618，国补成为了热门话题。天猫数据显示，国补拉动效应显著，家电家装、3C数码换新消费 全面爆发。参加国补的品类成交总额较去年双11增长116%，带动家电家装、3C数码等行业整体成交 ...

行 业 及 产 业 商贸零售 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 金银增速领先——5 月社会零售品消费数 据点评》 2025/06/16 《内需崛起，挖掘新消费的情绪曲线—— 2025 夏季电商零售投资策略》 2025/06/10 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 19 日 大促收官延续增长，即时零售加速 渗透 看好 ——2025 年 618 大促点评 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 《5 月社零同比+6.4%，国补相关品类及 ⚫ 拉长大促周期，全网销售额同比增长 15%。2025 年 618 大促各大电商平台均将开启 时间提前至 5 月 13 日，周期平均延长 11 天，分散促销节点，分品类分阶段推广，挖 掘消费潜力。618 全周期综合电商/即时零售/社区团购销售额为 8556/296/126 亿元， 同比+15.2%/+ ...

Group 1 - The core point of the article is that the 2025 "618" shopping festival achieved a total e-commerce sales of 855.6 billion yuan, marking a year-on-year growth of 15.2% [1] - The sales data for 2025 is influenced by the longer promotional period from May 13 to June 18, which affects the comparability of year-on-year growth figures [1] - Major categories contributing to sales include home appliances at 110.1 billion yuan, beauty and skincare at 43.2 billion yuan, and cleaning products at 23.3 billion yuan [1] Group 2 - Instant retail experienced significant growth during the 618 period, achieving sales of 29.6 billion yuan, a year-on-year increase of 18.7% [2] - The growth in instant retail is attributed to the competitive landscape among e-commerce platforms, which peaked during the 618 festival [2] Group 3 - The 618 festival serves as a testing ground for new business models, particularly in the realm of instant retail and food delivery services [3] - During the 618 period, JD's instant retail business saw a surge, with daily orders exceeding 25 million and a 150% year-on-year increase in online orders for JD Seven Fresh [3][5] Group 4 - The article discusses the differences between online and offline retail sales strategies, noting that offline retailers typically do not adjust their operations around promotional peaks like e-commerce does [4] - The article highlights the challenges of integrating food delivery services into the e-commerce promotional framework, given the limitations of meal consumption [4] Group 5 - JD's strategic expansion into offline retail and new business models is underscored by the opening of its first restaurant infrastructure brand, JD Seven Fresh Food Mall, and the growth of JD Mall locations [7][8] - The focus on supply chain management is emphasized as a core principle guiding JD's diverse business ventures, including logistics and food delivery [8][10]

Core Insights - JD.com achieved record-breaking performance during the 618 shopping festival, with over 2.2 billion total orders and a more than 100% year-on-year increase in active users [1] - The growth in various categories, particularly in 3C and home appliances, indicates a strong market position, while the rise in offline store orders and live-streaming sales reflects a multi-channel strategy [1][3] - The consumption trends in Shaanxi province highlight a shift towards technology-driven purchases among younger consumers and a focus on health-related products among older demographics [5][6] Group 1: Sales Performance - JD.com’s retail business saw significant growth, with online and offline orders exceeding 2.2 billion during the 618 period [1] - The app's daily active users reached a historical high, showcasing increased engagement [1] - Categories such as 3C and home appliances led in both scale and growth, while fashion and beauty items also showed strong performance [1] Group 2: Consumer Trends - The younger generation (post-2000s) is driving demand for tech products, with significant increases in sales for items like digital cameras (384% growth) and 3D printers (284% growth) [3] - The older demographic is focused on practical health-related products, with kitchen storage items and health essentials being top sellers [5] - The consumption landscape in Shaanxi reflects a blend of traditional and modern preferences, indicating a dynamic market evolution [1][6] Group 3: Regional Insights - Xi'an and Yulin are emerging as key consumption hubs, with Xi'an showing strong purchasing power and Yulin experiencing rapid growth [6] - The county-level markets are also thriving, with order volumes increasing by over 130% year-on-year [6] Group 4: Local Brands - Local brands, particularly Xifeng liquor, gained significant attention, highlighting a resurgence of regional products in the market [8] - The integration of technology and traditional culture has led to increased interest in local brands, with over 70% of the top 100 brands during the festival being Chinese [8] Group 5: Logistics and Infrastructure - JD.com’s logistics network has been crucial in supporting consumption growth, with services like "early delivery" and improved coverage enhancing customer experience [9][11] - The logistics system has enabled equal service quality across regions, reducing the consumption gap between urban and rural areas [11] Group 6: Instant Retail - Instant retail has transformed consumer behavior, with JD.com’s food delivery service achieving over 25 million daily orders within three months of launch [12] - This model has facilitated rapid delivery and increased customer satisfaction, contributing to a more integrated platform ecosystem [12] Group 7: Future Implications - The trends observed in Shaanxi serve as a microcosm of broader changes in the national consumption landscape, emphasizing technology and health as key growth drivers [14] - The ongoing evolution of consumer preferences indicates a shift towards a more optimized consumption structure, rather than merely an increase in spending [14][16]

Core Insights - The article highlights the significant growth of instant retail during the 618 shopping festival, driven by consumer demand for lower price points and convenience [2][10]. Group 1: Instant Retail Growth - Instant retail has emerged as a new consumption trend during the 618 festival, with major players like Meituan and Alibaba participating actively [2][3]. - Meituan's instant retail brand, Meituan Flash Purchase, reported over 1 billion users placing orders during the 618 period, with transaction volumes doubling year-on-year in over 60 product categories [3][6]. - High-value items such as electronics and appliances saw transaction volumes increase by 200%, with nearly 850 retail brands experiencing a doubling in sales [3][6]. Group 2: Consumer Behavior and Preferences - Instant retail is attracting a younger demographic, with 80% of customers being new users during the 618 period, indicating a shift in consumer behavior towards spontaneous and personalized shopping experiences [7][10]. - The average delivery time for high-value products during the 618 period was reported to be 28 minutes, with 70% of orders delivered within 30 minutes, showcasing the efficiency of instant retail [11][12]. Group 3: Competitive Landscape - The competition in traditional e-commerce is intense, but instant retail focuses on educating consumers rather than competing directly, aiming to capture new market segments [10]. - Instant retail is seen as a complementary channel to traditional e-commerce, providing a better service experience and meeting the demand for immediate consumption [10][11]. Group 4: Pricing and Promotions - The combination of government subsidies and platform discounts has led to lower prices for 3C products, making them more attractive to consumers compared to previous years [6][7]. - Instant retail brands are maintaining consistent pricing across different sales channels, ensuring competitiveness during promotional periods [6][10].

从极具创意营销爆点开始，发展为联动品牌和消费者的一场持 续多日的消费狂欢节 ， " 618 " 不仅是京东集团多业务协同 的年度 " 阅兵台 " ， 还演变成为外界观察这一巨头战略定力 与创新变化的最佳窗口。 作者：钱方 封图：图片资料室 当 2025 年京东 " 618 " 的战绩定格在整体订单量超 22 亿单 ， 下单用户数同比增超 100% ，—— 多元业态同频共振带动百万线下门店订单强劲增长 。 行业又一次感受到京东二十年磨一剑的供应 链能力 ， 在数字零售新战局下的爆发。 " 618 " 关键日的前夜 ， 京东集团创始人、京东集团董事局主席刘强东道出了自己创业至今 ， 支 撑京东一路走来的关键 ： 体验、成本、效率。用自营模式构建起用户的信任高墙 ， 用 " 三毛五 理论 " 的长期主义对抗利润诱惑 ， 用自建物流重新定义电商配送效率...... 刘强东早早洞察了零售的本质 ， " 跟供应链无关的事情 ， 我从来不干。 " 可以看到 ， 京东集团 每隔三年创新一个商业模式 ， 开出一家新公司 ， 从京东物流到京东金融、京东工业、京东健 康、京东产发等 ， " 所有业务 100% 是围绕着供应链展开的 ...

在多类商品热销和年轻消费者"带量"的驱动下，即时零售成为本地零售行业最大的生意增量。"618"期 间，平台活跃本地商户达近百万家，全国164个城市的1574个本地商圈成交额同比增长1倍以上，商圈内 数十万本地商家生意快速增长。 即时零售模式兴起，正大力激发本地零售生态和本地实体经济活力，近百万本地商业实体门店迎来"最 热618"。6月19日，美团闪购公布"618"消费数据，5月27日至6月18日，超过1亿用户在平台下单，带动 整体成交额创下新高，60余类商品成交额增长翻倍，下单用户的人均消费金额增长近40%。 其中，手机、白酒、奶粉、大小家电等20余类高单价的"大件"商品整体成交额增长两倍。具体来看，手 机成交额翻倍，小家电成交额增长近2倍，白酒成交额增长超10倍，智能设备成交额增长超6倍，大家电 成交额增长超11倍，珠宝首饰成交额增长近5倍，运动鞋服成交额增长超2倍。共有近850个零售品牌成 交额翻倍增长。 今年"618"期间，"95后"和"00后"仍然是消费"主力军"，平台下单用户数超过1亿人。商品随叫随到，成 为吸引用户的重要因素之一。平台数据显示，白酒等高价值商品的平均配送时效为28分钟，70%的订单 ...

6月，"东方爱情果"广东荔枝已成为明星消费单品。美团数据显示，本月以来该平台"荔枝"搜索量同比 增长179%，"荔枝王""桂味""妃子笑"等同比增长超200%。 美团相关负责人表示，将充分发挥平台优势，以覆盖全国的即时配送网络帮助广东荔枝建立直达消费者 的数字化通道，为全国消费者提供优质新鲜的岭南美味，继续助力农产品上行，为乡村振兴贡献平台力 量。 此外，博罗县泰美镇龙记种养专业合作社等果园、果场成为美团产地直采基地，定向为美团各地用户提 供优质荔枝。该合作社负责人陈龙兴说："希望全国都能吃到最新鲜的广东荔枝。" 据介绍，荔枝从直采基地由荔农采摘装车后即刻进行预冷处理，并在全国仓配网络分装、锁鲜后抵达全 国站点，减少周转环节，最后由美团"30分钟送达"的即时配送体系，全程冷链配送至消费者家中。 与此同时，中荔集团等不少荔枝外贸企业也在积极应对外部环境变化带来的挑战。据黎焯锋介绍，集团 过往出口市场包括美国、欧洲、东南亚等地区。面对当前复杂多变的国际形势，集团正在积极调整业务 模式。 荔枝时令性极强。如何锁住第一口鲜、延长夏日甜蜜？6月18日，由广东省"百县千镇万村高质量发展工 程"指挥办、广东省农业农村厅等部 ...