Online deals to account for 40pc of China retail sales by 2020, study predictsBusiness | 30 Aug 2016 4:14PM
Retail sales of consumer goods in China are forecast to exceed 50 trillion yuan by 2020, representing a growth of 67 percent compared 2015, a study has found, adding that online retail sales are estimated to account for 40 percent of retail sales, compared with 10.8 percent at end of 2015.
The Blue Book of China’s Commercial Sector (2016-17), jointly released today by Fung Business Intelligence in Hong Kong and the Beijing-based National Academy of Economic Strategy at the Chinese Academy of Social Sciences, says growth in China’s "new normal” economy is being driven increasingly by rising domestic consumption and private entrepreneurship focused on mobile e-commerce, social e-commerce, rural e-commerce, and cross-border e-commerce.
The m-commerce share of China’s total online retail sales is expected to reach 70 percent, compared with 55 percent at end of 2015, the study predicts.
The Blue Book is published every two years.