TechInsights: During "Double 11" period, China's smartphone sales rebounded by 26% year-on-year to reach 9.5 million units.

According to estimates from TechInsights' mobile team, during China's largest online shopping festival "Double 11" in 2024, smartphone sales rebounded by 26% year-on-year, reaching 9.5 million units, mainly due to the extension of the sales cycle. Revenue growth lagged behind sales volume, but remained in the double-digit range, influenced by market polarization trends, with the average selling price (ASP) decreasing year-on-year. "Double 11" was launched online by Alibaba Group Holding Limited Sponsored ADR in 2009, originally known as China's "Singles' Day". However, in recent years, its momentum has slowed significantly due to online penetration nearing saturation, overly complicated savings rules, increasing frequency of live stream shopping throughout the year, and the unfavorable impact of economic downturn. This year, thanks to the extended promotion period, all platforms saw double-digit growth in Gross Merchandise Volume (GMV). Tmall, JD.com, Inc. Sponsored ADR Class A, Douyin, and Kwai started presales 8 to 12 days earlier. TechInsights tracked sales from October 14th to November 11th and compared the results with the same period in 2023 (October 31st to November 11th). Excluding the factor of extended sales cycle, smartphone sales during "Double 11" would have shown a year-on-year decline trend. Figure 1: Online smartphone sales volume (in million units) and year-on-year growth rate during "Double 11": 2022-2024 Market share of manufacturers: Xiaomi approaching Apple Inc., vivo surpassing Honor In terms of manufacturer performance, Apple Inc. (AAPL.US) still dominates the high-end market (above 6000 RMB, or 828 USD). Xiaomi (01810) has been narrowing the gap with Apple Inc. driven by growth in the entry to mid-range market. By sales volume, vivo surpassed Honor, ranking third. By sales revenue, Huawei maintained the third position with the highest ASP among Chinese manufacturers. Figure 2: Market share of top three brands in online sales during Double 11 in 2024 Channel market share: Live streaming shopping continues to grow From a channel perspective, JD.com, Inc. Sponsored ADR Class A remains the largest platform in terms of smartphone sales volume and revenue, followed by Tmall (including Taobao) and PDD Holdings Inc. Sponsored ADR Class A. Live stream shopping (Douyin, Kwai, Xiaohongshu, etc.) continued to expand year-on-year, occupying around 22% of the market share by GMV. However, it must be noted that the launch dates of different platforms this year were not the same, so tracking data is for reference only. Figure 3: Division of online smartphone value share by channel in Double 11 in 2024