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<Research>G Sachs Estimates 618 Shopping Festival to Mark Mid-to-high Single Digit Industry GMV Growth in Entire Mth
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Goldman Sachs released a research report, saying that this year's "618" shopping festival of major e-commerce platforms ended yesterday (20th). It measured mid-to-high single digit industry GMV growth on a net GMV basis over the month-long event, or at low double-digit gross GMV growth, a wide gap due to higher return rates YoY. Although China's online retail GMV grew 13% in May, the broker estimated that this was mainly driven by front-loaded sales due to the early start of the 618 campaign and the elimination of the pre-sale period. The broker forecast online retail GMV growth to reach 3% in June. For the entire "618" period, Goldman Sachs foresaw about double-digit growth in total GMV for BABA-SW (09988.HK)'s Taobao Tmall Group, while JD-SW (09618.HK)'s net GMV was expected to grow by a single-digit ppt on an annualized basis from 21 May to 18 June. AAStocks Financial News |
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