High demand for foreign goods to take China cross-border online retail spending past US$100b
The average amount of cross-border spending per online shopper on the mainland is estimated at US$882 this year, says eMarketer
Online retail spending on foreign goods by mainland Chinese consumers is predicted to surpass the US$100-billion mark this year, driven by a growing middle class looking for high-quality imported brands and efforts by the country’s large internet shopping platforms to meet that demand.
The annual Singles’ Day extravaganza last week showed just how intense this trend has become as more international brands than ever before took part in the world’s largest online shopping event.
New York-based research firm eMarketer has forecast cross-border retail spending on foreign goods by mainland consumers will grow 27.6 per cent to US$100.2 billion this year, up from US$78.5 billion last year, with the average annual spending per buyer estimated at US$882.
About 23 per cent of all digital buyers in the country are expected to make at least one purchase of an overseas brand, according to eMarketer.
It also estimated that about 15.4 per cent of all internet users on the mainland this year would purchase goods from outside the country. With 751 million internet users at the end of June, the mainland is the world’s largest internet market.