A new report from the Boston Consulting Group found that Chinese ecommerce spending was $750 billion in 2016, more than the U.S. and the UK combined, while it’s growing at 20% per year, twice as fast as those markets.
The report also found China to be way ahead in terms of mobile commerce. Citing research from Criteo, iResearch and eMarketer, BCG estimated m-commerce’s share of total ecommerce in China was 61% in 2016, compared to 39% in the U.S., and is projected to reach 74% in 2020 compared to 46% here.
“Many (Chinese) consumers skipped the PC era entirely, going right to smartphones,” the report stated.
Chinese consumers are also spending more time shopping online, according to BCG, averaging 30 minutes per day on Alibaba’s Taobao, the country’s largest marketplace, nearly three times longer than consumers here spend daily on Amazon.
You can read the entire report here.