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BABA-W: TTG's 88VIP Becomes Growth Driver for Double 11; Spending Amt/ Capita Up 30% YoY
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BABA-W (09988.HK)'s Taobao and Tmall Group (TTG) magnified its investment in users during this year's Tmall Double 11 period, including stepping up the exclusive benefits and services for paid members "88VIP". The group said that 88VIP's contribution to brand sales has become increasingly impressive during major promotional activities such as Double 11. Since Double 11 this year launched on October 14, the number of 88VIP buyers grew by more than 60% as of October 31, compared to the same period last year, and the average purchase amount per person has increased by 30%. As of the end of June 2024, the number of 88VIP members crossed 42 million, and one in every ten Taobao users was an 88VIP member. AAStocks Financial News |
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