China’s online retail sales have rapidly expanded in recent years, as rising disposable incomes and growing internet penetration have supported the sector’s growth.
China’s online retail sales have rapidly expanded in recent years, as rising disposable incomes and growing internet penetration have supported the sector’s growth.
This trend was highlighted by the recent Singles’ Day sales – November 11 – which set a new global record for online sales, making it the biggest global online shopping day of the year. That said, Singles’ Day is only part of the broader growth in China’s online retail sector – which is expected to account for 40% of global online sales this year.
Growth in online sales also points to the stronger performance of China’s services sector, relative to the deterioration in heavy industry.
For more details, please see the attached document.
Consumer stress is rising again with Australians wary about the outlook for the year ahead. Household pressures are set to ease but until then the mantra for many consumers appears to be, “Show me the money”!
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Total spending went up 0.6% m/m. Overall, total consumer spending increased 1.9% in 3-month average terms and 6.5% over the past 12 months.
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