Shelves of inventory inside a Cainiao warehouse, the logistics subsidiary of Alibaba Group Holding, ahead of the company’s annual Singles’ Day shopping festival in Wuxi, Jiangsu province, on November 9, 2020. Photo: Bloomberg
Online consumer spending on physical goods in China slowest since 2015 amid maturing market and pandemic slowdown
- Growth in online sales of physical goods is now on par with total retail sales growth at about 12 per cent, as e-commerce continues to decelerate
- Total online sales of goods and services topped US$2 trillion last year, as consumer spending recovered from a pandemic-induced slowdown
Shelves of inventory inside a Cainiao warehouse, the logistics subsidiary of Alibaba Group Holding, ahead of the company’s annual Singles’ Day shopping festival in Wuxi, Jiangsu province, on November 9, 2020. Photo: Bloomberg
