sandalwood

In Jul-24, our China Payment Cohort Data captured monthly transacting users both slowed down from the prior quarter, especially the latter with a sharp slowdown from 2Q24’s +59% to +17% y/y. As of Jul-24, our captured Luckin Coffee number of offline stores continuously slowed down to +71% y/y from Jun-24’s +76% y/y and 2Q24’s +84% y/y. It is likely a deliberate move to counter the negative effects from the previous rapid store expansion which led to a lowered average store operating effiency (source).

 SAIA’s LTL tons at +7% y/y in 3Q24, maintained stable from 2Q24.

 SAIA’s LTL Shipment Volume at +9% y/y in 3Q24, a slowed down from 2Q24.

US & Global: Amazon vs. Temu vs. Tiktok Shop
In Jul, thanks to Prime Day promotion, Amazon shows a strong m/m increase; Temu GMV further ramps up driven by fast growing semi-managed business.
In Jul, Temu's high-end price band (>50 USD) value mix increases noticeably likely due to a ramping-up in local warehouse GMV. Amazon >100 USD value mix increase due to higher mix in consumer electronics and home appliance during promotion.