Double 11 grew only 2.4%, with cross-border gains concentrated

Syntun counted RMB1.0263 trillion of sales on broad ecommerce platforms from October 7 to 31, up only 2.4% year on year, so the market was not rising evenly. Growth clustered in down jackets and heaters after a cold spell, subsidized phones and 3C products, and AI hardware; Tmall AI-PC sales rose more than 300% in the opening hour. Douyin Global Shopping grew 27% year on year from October 15 to November 3, with 91 international brands above RMB10 million and three above RMB100 million. The target is China through Tmall, JD and Douyin, powered by subsidies, livestream content and scarce imports. Platform periods differ, GMV is not profit, and paid traffic, discounts, duties, returns and local fulfilment can consume margin.