China's July E-commerce Logistics Index Eases to 111.2 Points as Summer Spending Drives Appliance, Digital

China's e-commerce logistics index stood at 111.2 points in July, down 0.2 points from the previous month. The sector entered a seasonal adjustment phase as the concentrated promotional effects of e-commerce platforms gradually faded, returning the market to normal operations. While e-commerce logistics demand eased, the industry's fundamental operations remained stable. In July, both total business volume and rural business volume maintained year-on-year growth of more than 20%. By region, the rural e-commerce logistics indices in the western and northeastern regions continued to improve.

From a demand structure perspective, consumption of essential goods such as clothing and beauty and skincare products remained stable. The trade-in policy continued to play a driving role, while the summer economy and post-exam economy became important drivers of home appliance and digital product consumption. Cooling appliances including air conditioners, dehumidifiers and handheld fans entered their peak sales season, while school upgrade kits such as mobile phones and computers sold well.

E-commerce logistics supply remained stable and improving. In July, enterprise inventory turnover efficiency improved further, with the inventory turnover index rising 0.4 points month-on-month, marking a third consecutive month of gains. Since February, the logistics timeliness, fulfillment rate and satisfaction rate indices have risen consecutively, reflecting steady improvement in logistics service quality. In addition, the cost index fell 0.3 points month-on-month, easing operating pressure on enterprises.