E-Commerce Is Booming In China

The popularity of online shopping in China, according to AFP, continues to grow as more and more Chinese are using the internet as a source for ordering goods and services.

Research institute Data Centre of China Internet, said in a report that China’s Internet users spent 256.1 billion yuan (37.5 billion dollars) in the first six months of the year, up 58.2 percent from the same period in 2007.

The Beijing-based agency also mentioned the fact that “the growth is mainly attributed to fast expansion of China’s Internet population and an increase in average online consumption”.

Critics have always held the believe e-commerce in China would never take off because, as a matter of culture, Chinese do not like it. However, during the first six months of fiscal ’08, Chinese citizens spent an average of 211.8 yuan (31.09 dollars) each month through the Internet, up 13.9 percent from a year earlier.

It’s rather obvious, skeptics fail to look at the changing demographics of China’s consumers since sales are now being led by a younger generation that is willing to buy on credit and shop online.

China’s online population reached 221 million in February, outnumbering United States Internet users. According to the China Network Information Center (CNNIC), the country’s internet population grew at double-digit rates over the past three years.

The growth rate of China’s internet user population has been outpacing that of the U.S., and China is projected to overtake the U.S. in the total number of users within a few years.

The Chinese Internet population may reach 263 million by the end of 2008, representing a 25 percent increase from the 210 million in 2007.

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About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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