Editor’s Note
The 2024 Tmall ‘618’ shopping festival has again demonstrated the robust spending power of Chinese consumers, with a record 453 brands surpassing 1 billion yuan in GMV—a significant 24% year-on-year increase. This growth highlights the festival’s enduring role as a key driver for brand performance and market vitality.
On June 19, Tmall disclosed its battle report for this year’s ‘618’ shopping festival. As of 24:00 on June 18, 453 brands achieved a Gross Merchandise Volume (GMV) exceeding 1 billion yuan on Tmall’s ‘618’ platform, representing a 24% year-on-year increase. Brands such as Apple, Midea, Haier, Xiaomi, Huawei, Yuan Shi Mu Yu, Nike, Gree, FILA, vivo, Proya, Adidas, and L’Oréal joined Tmall’s ‘618’ “10 Billion Yuan Club.”
The number of high-net-worth 88VIP members surpassed 50 million, reaching a new high. Brand membership grew by 15% year-on-year, with the average order value of brand members being 1.93 times that of the overall industry average.
This year’s Tmall ‘618’ campaign was simplified, started earlier, and offered more straightforward promotions. The first wave of “early bird shopping” began with pre-sales on May 13. The promotional mechanism was simplified to “official instant discounts,” with base discounts starting at 15% off and maximum instant discounts reaching 50%.
Categories such as trendy toys, jewelry and accessories, pet supplies, and beverages emerged as high-growth trend sectors during this year’s Tmall ‘618’.
Tmall stated that new products were a core driver of brand performance growth. During the ‘618’ period, overall GMV from new products increased by 153%. Specifically, 12 new products surpassed 100 million yuan in GMV, 504 new products exceeded 10 million yuan, and 6,970 new products broke the 1 million yuan mark. The number of new products achieving over 10 million yuan and 1 million yuan in GMV grew by 110% and 192% year-on-year, respectively.
As of 24:00 on June 18, 81 live-streaming rooms on Taobao Live achieved GMV exceeding 100 million yuan. Store-owned live streams performed notably well, with the number of rooms surpassing 10 million yuan in GMV increasing by 21% year-on-year. Categories leading the growth included automobiles, sports & outdoors, jewelry, and beauty.
This perspective comes from a Huatai Securities research report analyzing the performance of various e-commerce platforms during the ‘618’ period.