The sector is poised to grow at a 15.14% CAGR.
- Despite recently decelerating growth, China's online retail market hit CNY 11.76 trillion (approximately USD 1.82 trillion) in 2020.
- The market is on target to reach approximately CNY 23.80 trillion (USD 3.68 trillion), reflecting a five-year CAGR of 15.14%.
- The growth momentum is being spurred by increasing online retail sales per capita, mainly owing to the rising levels of disposable income and consumer technology penetration.
- China's lower-tier cities will fuel the growth, as the consumer trends in these regions mature, supported by rapidly developing logistics networks and rapid urbanization.
- With more e-commerce-based alliances among retailers and brands, China is lowering the import threshold, boosting demand for high-quality foreign consumer goods.
- Movement restrictions induced by the COVID-19 outbreak benefit online retailers, especially those in the fields of grocery, home appliances and 3C electronic products.