Overview
- Syntun estimates total sales of about 1.695–1.7 trillion yuan this year, a clear slowdown in year-on-year growth compared with 2024.
- Major platforms again avoided disclosing aggregate GMV; JD.com reported a record turnover with nearly 60% more orders and over 40% more users, while Alibaba extended deals through Nov. 14 without publishing totals.
- Retailers lengthened the sales window into early October and intensified year-round discounting, with Alibaba pledging 50 billion yuan in targeted subsidies for its 88VIP members.
- Platforms emphasized technology and new formats, with AI and livestreaming boosting efficiency and conversion and an estimated 67 billion yuan in instant retail sales rising sharply from a year earlier.
- Muted consumer sentiment saw shoppers trade down and focus on necessities, even as top categories included home appliances (16.5% of sales), mobile phones and digital products, and apparel, and Taobao expanded related promotions to more than 20 countries.