{"id":16053,"date":"2013-09-01T05:09:59","date_gmt":"2013-09-01T05:09:59","guid":{"rendered":""},"modified":"2025-10-15T12:14:41","modified_gmt":"2025-10-15T12:14:41","slug":"china-s-shoppers-dominate-luxury-market","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=16053","title":{"rendered":"China’s shoppers dominate luxury market"},"content":{"rendered":"

Shoppers from the world’s No 2 economy have been climbing the consumer rankings charts recently.<\/strong><\/p>\n

A Standard & Poor’s report predicts that China will overtake the US to become the world’s No 1 consumer market within the next five years. Not only that, but the number of online buyers is increasing as well.<\/p>\n

A new report from Bain & Company said China’s e-commerce market is expected to overtake the US’ this year to become the world’s top online marketplace.<\/strong><\/p>\n

Online shopping has just started to take off in China in recent years.<\/strong> Various online Chinese retailers have been booming with the increasing demand of Chinese consumers. China’s e-commerce giant – Hangzhou-based Alibaba Group – predicts that within a decade, online spending could account for nearly half of the country’s retail spending.<\/p>\n

China’s e-commerce market grew at an average rate of 71 percent between 2009 and 2012 compared to 13 percent in the US<\/strong>, said the Bain report, adding that it’s expected to reach $539 billion by 2015. Total online spending by Chinese consumers reached $212.4 billion in 2012, compared to $228.7 billion in the US.<\/p>\n

China’s online consumer base is backed by an Internet population of more than 590 million – the world’s largest<\/strong> – many of whom are users of smartphones as well. China is also currently the top smartphone user market.<\/p>\n

Popular shopping sites – such as Taobao.com and Tmall.com, which are Alibaba affiliates – have gained regular shoppers at home and abroad thanks to online shopping’s geographic flexibility.<\/p>\n

In the first 11 months of last year, Alibaba topped $157 billion in combined sales through Tmall.com and Taobao.com.<\/p>\n

“On the most basic level, the population is just so large at 1.3 billion,” said Oscar Yuan, New York-based vice-president at Millward Brown Optimor, a media and branding firm. “The population is well-educated, media and internet savvy, well traveled, and open to ideas and products from other areas of the world.”<\/p>\n

David Sadigh, CEO of Digital Luxury Group in New York, said China’s potential in e-commerce has made many brands – both domestic and foreign – expand online to attract more consumers.<\/p>\n

“With several social network platforms reaching more than 300 million Chinese, and who actually spend more and more time online especially through their mobile, it’s a must for any serious brand to be proactive there,” Sadigh said.<\/p>\n

Online shoppers are only one component of China’s consumer market. There’s also a growing number of affluent middle-class shoppers.<\/p>\n

“China’s booming middle class will become not only important for China’s economy, but will also have a direct impact on many countries and industries,” said Sadigh.<\/p>\n

China’s middle class is expected to triple to 630 million by 2022, up from 230 million in 2012, according to a recent study by the China-US Exchange Foundation.<\/p>\n

Those middle-class shoppers have average annual earnings of between $19,500 and $90,000 and are expected to be the driver for the future growth of luxury markets, according to Exane BNP Paribas, an equity research firm.<\/p>\n

chinadaily.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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