China’s cross-border e-commerce reached 6.7 trillion RMB ($1 trillion) in 2016, a compound annual growth of 31.6%, said a report issued at a cross-border e-commerce forum held on Oct. 29 in Shanghai.
According to the report, people born between 1980 and 1990 made 59% of the overseas orders in 2016, followed by the post-90s and post-70s generations who respectively placed 23.0% and 14.4% of the total orders.
Online shoppers who buy products from overseas are generally older than the average online consumers with higher academic degrees and income. In addition, most of them have stable marriages and jobs and more purchasing power.
Cosmetics and infant supplies were the most popular overseas products for Chinese online shoppers, since young people and new parents formed the majority of this group.
As many as 11.9%, 11.1%, and 3.8% of the population in Beijing, Shanghai, and Hangzhou have placed orders from overseas in the past year, and the three cities topped the country in terms of this proportion.
With implementation of the Internet+ strategy, cross-border e-commerce has kept an annual growth rate of 20-30% since 2015. The volume of the sector is expected to hit 8.8 trillion RMB in 2018.