Emerging eCommerce Market Profile: China
China has emerged as the largest eCommerce market in the world. Compare Singles’ Day, the biggest shopping event in China, against Cyber Monday, the biggest online shopping holiday in the US. In 2016, shoppers spent $17.9 billion on Singles’ Day, compared to $3.3 billion on Cyber Monday. China’s 320 million online shoppers is actually greater than the entire population of the United States (319 million).
This trend is seen across multiple categories with China jumping ahead of the U.S. in the luxury market. In 2016 it is estimated that $44 billion was spent on luxury products in China, compared to $28 billion in the United States. A growing middle class, large numbers of millionaires, and a massive population of digital natives has made it obvious that China is a must-win market for globally competitive brands. Yet many Western-centric brands have struggled to determine how to be successful in the Chinese market.
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