2024’s Double 11 shopping festival has arrived earlier than usual!
Douyin kicked off its promotions on October 8, with JD and Tmall following on October 14—around ten days earlier than last year. This extended timeline has earned 2024’s Double 11 the title of the longest shopping festival to date.
In addition to a longer timeframe, e-commerce platforms are moving away from the typical “price wars,” instead focusing on easing the burden on merchants. As of this article, the first round of Double 11 sales data is already out, and Double 11-related concept stocks are starting to attract attention in the market.
As the 11.11 Shopping Festival marks its 16th anniversary, fresh features and trends are reshaping this year’s event. Which stocks are positioned to gain the most from these developments? And how can investors position themselves to capitalize on the festival’s momentum? Let’s dive in.
No Price Wars: What’s new for This Year’s Double 11?
- Platforms Are Breaking Down Barriers
One major shift this year is that platforms are working together, offering consumers more payment choices than ever before. Wu Jia, Alibaba’s VP and head of Taotian User Platform and Alimama, expects record participation in this year’s Double 11.
Earlier in September, Taobao and WeChat announced a “wall removal,” sparking a notable increase in Taobao’s new users. Meanwhile, JD will now accept Alipay payments, just in time for the festival.
- Longer Promotion Periods for Earlier Shopping
Another big change is the extended promotion period. Platforms like Pinduoduo and Douyin have expanded their Double 11 deals to last over a month. Taobao and JD also started pre-sales about ten days earlier than last year, making this the longest-running Double 11 yet.
Industry experts think this extended time gives shoppers more freedom to browse and buy, though whether it will lead to higher sales is still to be seen.
- New Trade-In Subsidies for Appliances
This year, Double 11 is incorporating trade-in subsidies on appliances, combined with platform discounts, to give an extra boost to spending.
Since October, the home appliance sector has seen rising demand, and it hit a new peak with the start of Double 11. In the first hour of Tmall’s sale, brands like Haier, Midea, and Dyson hit sales over 100 million yuan, with 224 brands exceeding last year’s first-day totals in just that first hour.
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