June sales pulled into May led to disappointing June NBS data. Online retail grew 5.1% yoy in May/June and 6.4% yoy in 2Q24. PDD led in GMV growth, followed by TTG, JD, and VIPS.
What is covered in the Full Insight:
Early Pull of June Sales
Performance of Key E-commerce Platforms
Expected Earnings for JD and BABA
Impact of Tax Reform
Consumer Spending and Retail Growth
SUMMARY
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