Chinese e-commerce will be worth €3 trillion by 2015
16/03/2012
China’s emerging middle class, increased access to the internet and an ongoing desire for brand-name goods are giving the e-commerce market a boost, the company said in a recent report.
According to the International Telecommunication Union, China already has 495 million internet users, more than the US and Japan combined. With a population of 1.3 billion, improvements in high-speed internet access and the popularity of smartphones and mobile internet, China is expected to have more than 700 million internet users by 2020. As Internet usage increases, so too will e-commerce, iResearch says.
According to the company, 147 million Chinese consumers shopped online in 2011, spending EUR 840 billion, representing year-on-year growth of 46.4%. Analysts expect the number of online shoppers to more than double by 2015 to 329 million with spending almost quadrupling to EUR 3.1 trillion.
Branded luxury goods are favourite purchase items for wealthy online shoppers. However, the Paris-based European general manager of Chinese e-commerce site VIPStore, Emmanuel Levy, has said that European luxury brands could be missing out on this huge market. Only a few luxury brands have launched their own mono-brand sites, he has said, often because of the complex nature of e-commerce in China.
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