China Market to make 85.76 Billion USD online cross border purchases in 2016
The China market is expected to make purchases from abroad worth $85.76 billion by the end of 2016. This market value accounts for only 15% of the population leaving plenty of room for projected growth.
By 2020, 25% of the population will be shopping online from foreign websites. Cross border digital shopping in the China market increased by over 70% in 2015, in part due to the Chinese associating foreign goods with better quality and trustworthiness.
In China, the average online shopper will spend $473.26 a year on cross-border purchases this year. Many of these sales will go to US based retailers, as this is often the cross border country of choice for Chinese online shoppers.
Globally, cross-border spending habits vary widely from country to country. Online buyers in China digitally purchase goods across borders more frequently than online shoppers in the US.
Only a small proportion of the vast population of China is currently shopping online, this means that there is significant room for growth. Given the huge growth of cross border online sales, the perception of foreign goods as being of better quality and more trustworthy, and the inclination towards shopping in the US, the China Market is looking particularly strong for US based retailers.